Barton Arcade Store Openings

The Barton Arcade, backed by Limerick based investor Morgan Leahy, has added its eclectic mix of independent and designer fashion outlets with the addition of high-end names such as Ed Hardy, Jeffery West, Elvis Jesus and Ringspun. With its wining combination of choice and location within the heart of Manchester’s dynamic shopping district, Barton Arcade is an essential stop on any shopping adventure.

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38 DPD Depots in Ireland

Even during a recession it is critical that businesses expand and change to continue to meet customer needs. This has been the case for DPD Ireland, who have increased the number of depots located in Northern Ireland from five to seven in recent months.

“This brings the total number of our depots in Ireland to 38 premises, making DPD by far the largest express parcels network in the country” said Morgan Leahy, Chief Executive of DPD Limerick. “The expansion in the North allows us to offer an improved level of service to our customers there, with more resources to manage these customers’ accounts, leading to improved customer satisfaction and retention”. DPD Depot List May09

More info contact DPD Limerick, Unit B2,Corcanree Business Park, Dock Road, Limerick. Phone 061 480 999 or 480150
Posted in Ireland News

Rapid impact with a string of prime city centre acquisitions

Vision Express

Some trading names vanish and others emerge during recessions and Manchester’s property market is getting used to seeing Vision Developments on the buyers’ side of the table.

In April, in partnership with Les Lang’s Infinity, the company completed the £6m purchase and leaseback of 53 King Street. The building, which had been owned by Lloyds bank for more than a century, is one of the most architecturally notable in central Manchester.

Vision has been capitalising on the weak market to gather an investment and development portfolio in prime city centre sites.

The firm was founded 12 months ago by former Ask Developments director Stephen Cliff and Irish investor Morgan Leahy. Although the charismatic Leahy, who made his money in Limerick’s haulage industry, is well known on the Manchester property circuit, the public face of the business is Cliff’s.

‘We’re looking at investment opportunities with two or three years’ income and with redevelopment angles in the future,’ he says, standing in the grade II-listed Barton Arcade in Deansgate that Leahy bought in 2007.

It was in 2005 that Cliff first worked with Leahy, who had just bought the Bauhaus office, hotel and residential block in Quay Street from Ask for around £15m. In 2007, Leahy sold Bauhaus for a £7m profit to Blackrock, formerly Merrill Lynch Investment Managers.

In the same year, Leahy paid £17m for Barton Arcade and £12.7m for the adjacent Lancaster Buildings, both comprising shops below offices, and both now part of the Vision portfolio. Leahy also agreed a £2m sale of the Lancaster Buildings’ office element to Maple Grove.

‘It is a cliche, but we are bucking the trend at the moment,’ says Cliff. ‘We said to ourselves 12 months ago that it is going to be a good time to buy property. We got together and started finding out what opportunities there were.’

via Property Week
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Prime Investment in Central Manchester

One of Manchester’s most beautiful, but unsung historic buildings, has been secured by some of the region’s brightest new talents.

Lloyd's TSB Bank, Manchester

In their first joint venture, Infinity’s property fund and Vision Developments have completed the purchase of 53 King Street in central Manchester.  The £6 million purchase sees both organisations securing an equal share in the property, which houses Lloyds TSB.

The building totals 43,000 sq ft, and includes a large banking hall on the ground floor. Lloyds TSB currently has two years remaining on the lease, providing Infinity and Vision Developments with an attractive income in a prime central Manchester location.

Stephen Cliff, managing director at Vision Developments, said: “The building was built for Lloyds TSB nearly 100 years ago and Lloyds has been in occupation ever since it was built.  Lloyds TSB has a lease which is shortly to come to an end, and we have already begun to evaluate how to maximise the building’s potential both in terms of aesthetics and uses.  However future plans for the building have not yet been finalised, and we intend to work closely with our current tenant.”

Les Lang, property partner at Infinity, commented: “This investment is significant as it marks a successful and very attractive deal in the current climate. The building has three excellent entrances onto King Street and Cross Street creating untold potential for modernising and transforming some of its staid interiors without impinging on its history and heritage.”

Morgan Leahy, co-founder of Vision Developments added “We saw this as an extremely rare opportunity to acquire a landmark building in the city centre.  The purchase price, which equates to an initial net yield of 12%, would have been unthinkable 12 months ago.

Lang added: “Infinity’s property fund is committed to the funding and development of innovative projects and the acquisition of such an iconic building is a step which we found particularly appealing.  I’m delighted to be working with Vision. As like-minded companies, we can share our skill-sets and knowledge, to make this a very productive deal.  Having previously worked with Stephen Cliff, I’m confident that this joint venture will be the start of a long and fruitful relationship with Vision.

Infinity and Vision have worked alongside a number of partners on the deal. These include: commercial real estate agents Knight-Frank led by partner Steve Carrick, and solicitors Brabners Chaffe Street led by partner Mathew Dobson.

via infinity
Posted in In The Media, UK Property

Vision sets sights on Manchester

Invicta House, Manchester

Stephen Cliff and Morgan Leahy’s Vision Developments has bought the freehold interest in Invicta House, Manchester, from Maple Grove Developments.

The site, which is within the Spinningfields district, is around 10,000 sq ft.

The price was not disclosed but the site was marketed with a £3.5m price tag by Christopher Dee. Vision, which already has two development projects under way in Manchester and Liverpool, said the building had ‘excellent development potential’.

Posted in In The Media, UK Property

Vision buys Invicta House for £3.5m

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VISION Developments, the company set up with backing from Limerick-based investor Morgan Leahy, has made its first major purchase in central Manchester.

Vision led a consortium which paid around £3.5m for Maple Grove Developments’ Invicta House in Atkinson Street, close to the 4m sq ft Spinningfields development.

The 10,000 sq ft building overlooks the Royal Bank of Scotland headquarters on Hardman Street. Plans for redevelopment will be unveiled soon, says Vision.

Andy Lavin, director of Maple Grove, said: “We placed this property on the market at the beginning of September, with the aim of generating a profit for the wider group, and we are delighted.”

Stephen Cliff, managing director of Vision Developments, said: Invicta House is Vision’s first major purchase in Manchester, and we couldn’t have hoped for a better placed opportunity. It joins our exciting and well placed portfolio of opportunities in the north west.”

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£10m plan for Barton Square

Hyperactive limerick based investor Morgan Leahy has teamed up with Manchested developer Stephen Cliff to create a £100m property partnership.

The pair’s first project will be to create a new £10m upmarket shopping street off St Ann’s Square and behind Deansaget

click to read full article by David Thame

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