Irwin Mitchell and Shoosmiths advise on sale of Coronation Street studios

Shoosmiths has advised client Allied London on a joint venture with Manchester City Council to purchase the former Manchester television studios where Coronation Street was filmed.

Irwin Mitchell was instructed by ITV to sell the famous ITV Granada studios, which have been based in Quay Street since 1956. The broadcaster announced plans to move the set to Salford’s MediaCityUK in December 2010, with the final phase of the relocation due to happen in early 2014.

The joint venture, Manchester Quays, has signed a five-year lease for the Quay Street site, to take effect once the Coronation Street studios have been  relocated to MediaCityUK.

Manchester Quays is expected to submit plans to develop over 1.1m sq ft of commercial and residential space across the site within the next two years, and will purchase the land once its plans are approved.

As part of the deal Manchester Quays also purchased an adjacent site on 88-100 Quay Street in the city, most recently occupied by TV and film equipment provider ProVision Manchester.

“There were four sets of lawyers involved, and it all had to be done in four weeks,” said Shoosmiths’ real estate partner Vaqas Farooq, who led on the deal for the firm from its Spinningfields office. He was assisted by real estate partners Kirsty O’Connor, James Brodie, and Lisa On-Iam.

The team also involved banking partner Graham Hall, planning partner Kirsten Hewson, litigation partner Wayne Nash, and corporate associate Kelly Harvey. The deal marked Shoosmith’s first instruction from property development and investment company Allied London.

Claire Quinn led the team from Irwin Mitchell acting for ITV. She was assisted by commercial real estate associate Vanessa Rickard and planning associate Emily Williams.

Addleshaw Goddard advised Manchester City Council, while Taylor Wessing was instructed by real estate funders Pramerica.