Q-Park UK has entered a deal to take over a car park in Manchester city centre.
The firm has agreed a 35-year lease with Property Alliance Group and Ares Management to operate the facility at the Piccadilly Place mixed-use development.
The European car parking provider will oversee 302 new spaces at the site and will also manage the remaining bays, which are currently let to tenants of Piccadilly Place occupiers.
Adam Bidder, managing director of Q-Park UK, says: “We are delighted about the takeover of Piccadilly Place. We are actively looking to expand our portfolio especially within Manchester which continues to perform well. As a result, Piccadilly Place was a natural location for us to invest in.
“This facility is an excellent addition to the Manchester cluster, increasing our market share in the city and providing a good spread of car parks around the city. We are also keen to upgrade the facility by installing the latest parking equipment and fresh signage in due course to improve the customer experience.”
The car park serves both Three and Four Piccadilly Place, which comprise 300,000 sq ft of offices plus retail space, housing tenants including NuGen, Barclays, Arcadis UK, Arup, Orega and Egencia.
Alliance acquired Piccadilly Place for £106 million in 2016 in a joint venture with Ares Management.