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Singapore-based real estate investment platform RealVantage has completed the off-market acquisition of The Heathcote Hotel in central Manchester, formerly known as ABode Manchester, in partnership with London-based investor and asset manager Oberland. The transaction represents a total capitalisation of GBP 14 million, with RealVantage holding an 85% equity stake and Oberland retaining the remaining 15%. The Grade II-listed hospitality asset at 107 Piccadilly is scheduled to close operations in April 2026 to undergo a six-month refurbishment programme aimed at repositioning the property. The redevelopment will increase the hotel's capacity from 61 to 78 rooms and upgrade guest facilities while preserving heritage architectural elements. The investment is expected to deliver a targeted 16% net internal rate of return to RealVantage platform investors over an anticipated investment horizon of approximately 36 months.
Global real estate investment platform RealVantage has completed the off-market acquisition of The Heathcote Hotel, a Grade II-listed hospitality property in central Manchester, in partnership with London-based real estate investor and asset manager Oberland. The transaction, announced earlier this week, represents a total capitalisation of GBP 14 million and establishes a new ownership structure under which RealVantage holds an 85% equity stake while Oberland retains the remaining 15%. Advertisement
The property, previously operated as ABode Manchester, is located at 107 Piccadilly in Manchester, Greater Manchester, England. The freehold building, constructed in 1899, was designed by Mancunian architect Charles Henry Heathcote and originally developed as a packing warehouse and showroom with offices for cotton manufacturer Sparrow Hardwick & Company. The red-brick and sandstone structure features Jacobian-Baroque architectural elements and tall arched windows typical of Manchester's late-19th century commercial architecture.
Under the investment plan, the hotel will cease operations in April 2026 and undergo a targeted six-month refurbishment programme. The renovation will include upgrades to public areas, guest rooms, and the bar and restaurant facilities. Following the refurbishment, the hotel is expected to reopen with a soft launch scheduled for October 2026.
The redevelopment will increase the property's accommodation capacity from 61 rooms to 78 rooms while retaining key heritage features. The asset has a net floor area of approximately 50,000 sq ft. According to RealVantage, the repositioning strategy is intended to enhance the hotel's operational performance and strengthen its competitive positioning within Manchester's hospitality market.
After the refurbishment and reopening phase, RealVantage will oversee active asset management of the property for a period of approximately 12 to 18 months. During this phase the company will focus on operational optimisation and value realisation, including performance monitoring and strategic oversight of the asset. The investment opportunity is projected to generate a targeted 16% net internal rate of return for investors on the RealVantage platform over an expected holding period of around 36 months.
Hotel and serviced apartment investment specialist C1 Capital has been appointed as the hotel operator upon reopening. The company currently manages seven hotels across the United Kingdom comprising around 1,300 rooms, with a portfolio capital value exceeding GBP 500 million and annual turnover of more than GBP 80 million.
The property is situated approximately four minutes walk from Manchester Piccadilly railway station, the city's principal transport hub with direct rail connections to London. The location also provides access to major entertainment and sports venues including Co-op Live arena and the Etihad Stadium.
RealVantage indicated that the transaction forms part of its strategy of sourcing off-market opportunities in gateway cities and deploying capital alongside local partners with operational expertise. The company noted that Manchester's tourism and hospitality sector has demonstrated strong recovery and growth in recent years, supported by rising visitor numbers, major events and expanding business travel demand.
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