Irish invest €15m in Manchester site

A GROUP of Irish investors are believed to have paid €15.5 million for a retail site in Manchester city centre.

The investors, whose identities are not known, teamed up with pension fund manager Hermes to buy 7/9 Piccadilly. The 23,000 sq ft building is rented to the retail chain Superdrug.

The move is the latest deal involving Irish property speculators in the city. Last month JP McManus and John Magnier snapped up the Kendals department store in the city for over €87m.