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Capital & Centric

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Capital & Centric ltd
Company typePublic
IndustryReal estate
FoundedNovember 2011
HeadquartersManchester, United Kingdom
Area served
United Kingdom
Key people
Tim Heatley, Director
Adam Higgins, Director
ServicesProperty development and investment
Websitecapitalandcentric.com

Capital & Centric Ltd is a British property development and investment company based in Manchester.[1]

The company was formed in November 2011, when Capital Commercial Properties, started by Adam Higgins, and Centric Property Group, started by Tim Heatley, merged to form a single corporate entity.[2]

Projects

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Capital & Centric often focus on regeneration projects that aspire to the creation of jobs in the local area.[3] However, the creation of these jobs has yet to be demonstrated. It was reported in 2022 that they have over £500 million of property under construction. In the last 10 years, they have worked on 2,000,000 square feet (190,000 m2) of development.[4]

Developments are predominantly in the North West, Yorkshire and the Midlands. According to the Manchester Evening News, Capital & Centric are one of the most active property companies in the North West.[5]

The company is known for its projects pertaining to conversation of heritage buildings into mixed use developments and residential schemes. It is also known for converting mills and heritage buildings into residential and commercial spaces.[6]

Piccadilly East

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Capital & Centric started the regeneration of Piccadilly East with the purchase of Grade II listed Crusader Works in 2015.[7] The 200 year old mill has been restored into 123 apartments, for sale to owner-occupiers only with private green residents' courtyard. However, the project remains unfinished, still classed as a "live building site" with significant defects and shortcomings relative to the claimed specification.[8] Additionally, Capital & Centric have let properties in the development out, at odds with their owner-occupier only strapline.[citation needed] Manchester Evening News reported about people queuing for the apartment sale when the first sale was made public in 2017 for "locals only" and investors were banned.[9]

The company is also known for Phoenix, an industrial style new build residential project with 75 homes. Adjacent to Crusader, Phoenix home owners share the gardens and investors are also banned, however the developer themselves seems to be exempt from this rule as they have also let flats out due to struggles with selling remaining units.[10]

During the construction of Crusader, Capital & Centric used the building as a meanwhile use space for independent pop-ups, such as Track Brewery and Chapeltown Picture House. They also hosted charity events such as 'Art Battle' and 'Mancunian Spray' to raise funds to tackle homelessness. However, they did not support the art community that was previously using the space with relocation following their purchase of the property, with predictably negative social impacts on the local community.[11][12][13]

The company completed the restoration of Grade II listed Ducie Street Warehouse in 2019. It is made up of 162 aparthotel suits, a bar and restaurant, mini-cinema, coffee shop, gym meeting rooms and all day lounge.[14]

Capital & Centric completed its Jenga inspired hotel[15] on Adair Street in 2022, which is now operated by Leonardo Hotels.[16]

Its next project in Piccadilly East is Ferrous, a £28 million project with 107 rental apartments, two commercial units and the Cabin, a new space for pop-ups.[17]

The regeneration of Piccadilly East featured on the BBC Two docuseries Manctopia: Billion Pound Property Boom.[18] The Times named the area as one of the "next greatest places to live" in 2020.[19]

Kampus

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The company is also known for Kampus, created in partnership with Henry Boot Developments. Kampus is a private rented project located in central Manchester, on the former Manchester Metropolitan University campus.[20]

The mixed-used development includes the restoration of listed buildings, Minto & Turner and Minshull House, a 1960s Brutalist building called The Stack and two new build apartment blocks.[21] The scheme is home to a number of independent commercial units,[22] as well as The Bungalow, the former security cabin on stilts, which serves as a pop-up space.[23] In 2022, it was nominated as best pop-up at Manchester Food and Drink Festival.[24]

Kampus is well known for its new public spaces, including the re-opening of Little David Street, thought to be one of the only untouched cobbled streets in Manchester and the public gardens overlooking the Rochdale Canal.[25] Manchester Confidential are reported to have described the Kampus garden as an oasis, adding it is "The most enchanting of all the new spaces accessible to the public."[26]

Littlewoods

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Another of Capital & Centric's regeneration projects is the Littlewoods Pools building in Liverpool, set to become a new £35 million film and TV studio hub.[27] As a result of the regeneration, hundreds of jobs will be created. The Littlewoods scheme was unanimously approved in 2013. In 2018 it was announced that Twickenham Studios would be opening a £50 million major new complex at Littlewoods, taking 85,000 square feet (7,900 m2) of the 300,000 sq ft (28,000 m2) space.[28] The project is expected to generate more than 570 jobs and to support some 2,000 further jobs in the region, providing a boost of up to £124 million to the local economy, according to statistics drawn up by economics firm Ekosgen.[29]

In September 2018, a fire damaged the building, however reports and the developers stated that this would not hamper project milestones and completion.[30] Liverpool John Moores University signed on to take 75,000 sq ft (7,000 m2) of space in the studios as the official education partner in September 2020.[31] According to the CBRE, this was the largest commercial letting in the North West of that year.[32]

Eyewitness Works

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In 2018 Capital & Centric announced its plan to transform Eye Witness Works on Milton Street in Sheffield into around 100 apartments, after acquiring the building from Sheffield City Council. The Grade-II listed former cutlery works, which dates back to 1852, produced pocket and kitchen knives in industrious pre-war Britain, for 150 years.[33]

It was revealed in 2022 that Eye Witness Works would be the home of a Channel 4 interior design TV show Design Your Dream, where the winner wins the apartment they designed.[34]

Other projects

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As of 2022, Capital & Centric has a number of projects underway in Greater Manchester, including Weir Mill in Stockport, Farnworth, Ancoats Works, Talbot Mill, Ferrous and Swan Street which is currently home to Ramona and the Firehouse.[1]

In 2022, the company's plans for the Goods Yard in Stoke-on-Trent were approved. The project will be a mixed-used development with 174 new homes, work space, shops, café-bars and a new public square.[35]

In 2015 Capital & Centric announced housebuilding arm Nowhaus, now known as Neighbourhood, which aims to build twice as many homes on a site as traditional housebuilders.[36]

The company announced its Bunker scheme in Liverpool in 2017, adjacent to the Littlewoods Pools building. In 2015, the company announced it had secured the first tenant for its Tempest office development in Liverpool city centre.[37] In 2016, the company completed construction on the Foundry in Salford.[citation needed]

In 2023, Capital & Centric agreed to acquire council-owned sites around Bolton's train and bus stations and draw up a plan for their redevelopment into homes.[38]

Social impact aims

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The company is known for its Regeneration Brainery initiative, which is a free education platform for young people to get into property.[39] Co-founder of Capital & Centric, Tim Heatley, is the chair of Manchester Mayor Andy Burnham's Greater Manchester Mayor's Charity.[40]

During 2018, the organisation launched an initiative to tackle homelessness with charity Embassy where ex-tour buses are used to provide temporary accommodation for rough sleepers.[41] In 2021, plans for Embassy Village were approved, which include 40 high quality modular homes, a village hall, outdoor space for allotments and sports, along with additional support to help homeless and vulnerable men get back on their feet.[42]

In May 2019, Raise the Roof, a concert for the Greater Manchester Mayor's Charity raised more than £100,000 to help rough sleeping in the city-region.[43] In 2020, to support the community during the Coronavirus pandemic, Capital & Centric and partners Kamani Property Group, used their development on Swan Street in Manchester city centre as a drop off point for essential items to help those affected by homelessness in and around Manchester.[44]

References

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  1. ^ "Capital & Centric | About Us". Capital & Centric. Retrieved 26 August 2022.
  2. ^ "Place North West News". Placenorthwest.co.uk. 3 November 2011. Retrieved 14 June 2012.
  3. ^ "Insider News North West – Work starts on speculative scheme in Speke". Insidermedia.com. 16 November 2011. Retrieved 14 June 2012.
  4. ^ "Capital & Centric | About Us". Capital & Centric. Retrieved 31 August 2022.
  5. ^ "Phase two underway at Crown Business Park | Manchester Evening News". menmedia.co.uk. 5 June 2012. Retrieved 14 June 2012.
  6. ^ Begum, Shelina (9 March 2017). "These developers are bringing Manchester's derelict buildings back to life". Manchester Evening News. Retrieved 10 December 2020.
  7. ^ "Capital & Centric acquires listed Manchester mills". Place North West. 8 December 2015. Retrieved 31 August 2022.
  8. ^ "Crusader Mill Woes Worth It | Creating Piccadilly East". Place Northwest. 25 November 2022. Retrieved 15 December 2022.
  9. ^ Day, Rebecca (18 June 2018). "Buyers queue in the pouring rain to get their hands on 'locals-only' flats in the city centre". Manchester Evening News. Retrieved 10 December 2020.
  10. ^ Scullard, Vickie (22 August 2020). "Inside the apartments from Manctopia: Billion Pound Property Boom". Manchester Evening News. Retrieved 31 August 2022.
  11. ^ "Capital & Centric | Creating Piccadilly East". Capital & Centric. Retrieved 31 August 2022.
  12. ^ "Crusader Mill Woes Worth It | Creating Piccadilly East". Place Northwest. 25 November 2022. Retrieved 15 December 2022.
  13. ^ "Crusader Mill | Crusader Mill". Sam Meech. Retrieved 17 December 2022.
  14. ^ cpAdmin. "Ducie Street Warehouse - Manchester - Home". Ducie Street Warehouse. Retrieved 31 August 2022.
  15. ^ Jackson, Daisy (7 November 2020). "Inside the new £35m 'Jenga' hotel from Manctopia developer Tim Heatley". Manchester Evening News. Retrieved 1 September 2022.
  16. ^ Media, Insider. "Leonardo Hotel Manchester Piccadilly now open". Insider Media Ltd. Retrieved 1 September 2022.
  17. ^ "Piccadilly East set to grow with new homes, a rooftop garden, cafe-bars and more". I Love Manchester. 18 March 2022. Retrieved 31 August 2022.
  18. ^ "BBC Two - Manctopia: Billion Pound Property Boom". BBC. Retrieved 31 August 2022.
  19. ^ Times, The Sunday. "Best up-and-coming places to live in the UK". The Times. ISSN 0140-0460. Retrieved 31 August 2022.
  20. ^ "Place North West | Video | One year to go until Kampus completion". Place North West. 21 May 2019. Retrieved 10 December 2020.
  21. ^ "Gallery | £250m Kampus completes in Manchester". Place North West. 1 April 2022. Retrieved 31 August 2022.
  22. ^ "Neighbourhood". Kampus. Retrieved 31 August 2022.
  23. ^ Begum, Shelina (21 March 2019). "This venue on stilts could become Manchester's newest city centre 'village hall'". Manchester Evening News. Retrieved 31 August 2022.
  24. ^ "Awards | Manchester Food & Drink Festival 2022". foodanddrinkfestival.com. Retrieved 31 August 2022.
  25. ^ Bland, Simon (31 August 2021). "Kampus breathes new life into Little David Street with day-long party". Manchester Wire. Retrieved 31 August 2022.
  26. ^ "Eight and a half new public spaces for Manchester city centre". Confidentials. Retrieved 31 August 2022.
  27. ^ "Former Littlewoods building is sold and will now become £35m film and tv studio hub". liverpoolecho.co.uk. 27 July 2017. Retrieved 27 October 2020.
  28. ^ "Hollywood films to find home in Liverpool's former Littlewoods Pools HQ". BBC News. 7 June 2018. Retrieved 27 October 2020.
  29. ^ "Plans approved for Littlewoods Pools Building - Hospitality & Catering News". 27 March 2013.
  30. ^ "Fire at Littlewoods building will not hamper site ambitions, say developers". ITV News. 3 September 2018. Retrieved 10 December 2020.
  31. ^ "Liverpool John Moores University signs up to NW's £54m 'Hollywood' plan". ljmu.ac.uk. Retrieved 10 December 2020.
  32. ^ Houghton, Tom (7 September 2020). "Major boost as film studio project seals largest commercial letting of 2020". Business Live. Retrieved 10 December 2020.
  33. ^ "£25m plans to restore former cutlery works". Insider Media Ltd. Retrieved 10 December 2020.
  34. ^ "Design Your Dream (w/t) | Channel 4". channel4.com. Retrieved 31 August 2022.
  35. ^ "Plans approved for £60m Stoke-on-Trent levelling-up project The Goods Yard". stoke.gov.uk. Stoke-on-Trent City Council. Retrieved 31 August 2022.
  36. ^ "Place North West | Capital & Centric announces housebuilding plan". Place North West. 27 October 2015. Retrieved 10 December 2020.
  37. ^ "Place North West | Capital & Centric's Bunker fully let". Place North West. 5 April 2017. Retrieved 10 December 2020.
  38. ^ Whelan, Dan (7 February 2023). "Capital&Centric picked for clutch of Bolton sites". Place North West. Retrieved 5 April 2023.
  39. ^ "Regeneration Brainery – Regeneration Brainery is a not for profit collaboration, we increase diversity in the property sector through the mentoring of young adults with project tours, workspace visits, talks and workshops". Retrieved 10 December 2020.
  40. ^ "Home". Greater Good. Retrieved 10 December 2020.
  41. ^ "Former tour bus to help house Manchester's homeless". Confidentials. Retrieved 10 December 2020.
  42. ^ "Homelessness has no place here in Greater Manchester". The Greater Manchester Mayor’s Charity. Retrieved 31 August 2022.
  43. ^ "Greater Manchester musicians 'Raise the Roof' with six figure sum for homelessness and plan for 2020". Greater Manchester Combined Authority. Retrieved 10 December 2020.
  44. ^ Finch, Isabel (3 April 2020). "Capital&Centric, Kamani Property offer up joint venture NQ site to help homeless". Business Live. Retrieved 10 December 2020.
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