Capital&Centric exits Kamani joint venture to focus on public private partnerships
Capital&Centric has confirmed it has exited its joint venture on two sites with Kamani Property Group, bringing an end to its private sector joint ventures.
The collaboration saw plans brought forward for Ancoats Works and Swan Street, exploring how each prominent Manchester sites could be transformed into vibrant new places.
Capital&Centric successfully delivered Ramona & Firehouse on Swan Street, a derelict former MOT station, despite the arrival and impact of Covid. On acquiring the site, the social impact developer immediately turned it into a Covid supply depot. The initiative supported local front line charity organisations and foodbanks by distributing essential items like toiletries and food to those who needed it most. And when restrictions were lifted, the vibrant food and drink venues Ramona & Firehouse were established.
As the partnership with Kamani comes to an end, Capital&Centric's focus remains firmly on its growing pipeline of regeneration projects across the UK, utilising in part the heavy weight funding power of its recent £870m Impact & Places partnership with Homes England and Swiss Life. With over 1,000 homes under construction and more than 6,000 in the pipeline, Capital & Centric is now focussed on larger public/private sector partnerships rather than smaller joint ventures with private landowners.
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, there so there is sentimental value there and they have their own ideas on the future of the site. Our focus now is on the huge number of regeneration projects we've got underway 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."
Capital&Centric now spends an average of £3m a week across eight live construction sites, driving regeneration in towns and cities nationwide by transforming unloved land and buildings into vibrant neighbourhoods that revitalise communities. This year the developer has agreed partnerships with Plymouth, Hull, Rotherham, Doncaster, Sunderland and Northampton.
