Developer Capital&Centric has confirmed its exit from the joint venture (JV) with Kamani Property Group on two Manchester development sites, bringing an end to its private sector partnerships.
The Firehouse, Ancoats
The partnership had seen plans brought forward for the £50m redevelopment of Ancoats Works into 193 homes and the £37m redevelopment of a site on Swan Street into 118 homes, also in Ancoats.
Capital&Centric will no longer be involved in the projects, which received planning approval in 2023 and 2021 respectively but have not yet seen work start.
The site at Swan Street, formerly a derelict former MOT station, is currently occupied by two restaurants, Firehouse and Ramona. Kamani is progressing its own plans for the site at Ancoats Works.
John Moffatt, joint managing director at Capital&Centric, said: “We would like to wish Kamani Property Group all the best with the project. We’re delighted with the success of Swan Street, and they have owned the buildings at Ancoats Works for a couple of decades, so there is sentimental value there and they have their own ideas on the future of the site.”
Capital&Centric said that as its partnership with Kamani comes to an end, its focus remains firmly on its growing pipeline of regeneration projects across the UK.
The firm said it was now focused on larger public-private sector partnerships rather than smaller JVs with private landowners. This includes its £870m Impact & Places partnership with Homes England and Swiss Life.
Moffatt added: “Our focus now is on the huge number of regeneration projects we’ve got under way across the UK with partners that share our focus on social value.
“We’ve got some brilliant neighbourhoods in the making, creating new towns, breathing new life into heritage buildings and investing in overlooked city centres. There’s loads to get excited about, and we’re looking forward to cracking on with the next chapter.”
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