Judging by the number of deals - and their size - there is a healthy
appetite for investment in Manchester.
Advised by JLL, Invesco Real Estate has sold the 10,521 sq metres
(113,256 sq ft) One New York Street to Royal London Pension Trust Fund.
The building was completed in 2009 and has 11 occupiers.
James Porteous of JLL commented: “The city centre office investment
market has been particularly active with over £600 million transacted up
to December and it is likely to exceed 2016 when the deals are completed.
There has been a definite trend towards off market deals and the city is
attracting equity from overseas investors.”
In another major deal, Schroders’ Regional Office Property Unit Trust has
acquired the 2,462 sq metres (26,500 sq ft) 340 Deansgate. Schroders will
refurbish the building and reposition it in the market. It has recently also
bought the nearby 1 Spinningfields.
Commercial Property Register
March - June 2018www.compropregister.com
The jewel in the Salford Quays crown, the 40,427 sq metres (435,000
sq ft) Exchange Quay, is now being intensively promoted by Ekistics
on behalf of the new owner.
The Place Activation strategy, which has been developed by CBRE and
the marketing team at DS Emotion, together with research on occupier
needs by joint agents Knight Frank and Canning O’Neill, aims to launch a
series of events for the office complex, such as dragon boat racing on the
Ekistics is starting on another phase of the refurbishment at the 2,415
sq metres (26,000 sq ft) Building No3 with completion due this year.
On behalf of the previous owner, Hunter invested £10 million in
refurbishment and it continues as asset manager of the office complex.
The refurbishment lifted the scheme and resulted in lettings of 18,580 sq
metres (200,000 sq ft) in a 12 month period.
In nearby Trafford Park, Seneca has bought the 1,858 sq metres (20,003
sq ft) Brightfield House from London & Oriental. Seneca’s Jeff Morton
commented: “This purchase followed on from our £20 million acquisition
of the Biz-Hub service office business in September and sits alongside
several other deals currently in lawyers’ hands.”
Also in Trafford Park, JLL is marketing the 4,784 sq metres (51,500 sq
ft) Tenax Cross 2. Richard Johnson of JLL said: “With a shortage of units in
Trafford Park competing at this size and quality, Tenax Cross 2 will offer
an excellent opportunity following its refurbishment for a distributor/
The unit suits the current market as analysed by Savills IM that
warehouses and logistics facilities are the strongest investment themes in
the UK at the moment, particularly on the edge of major urban areas such
Irfan YounIs of Savills said: “The UK industrial sector continues to
benefit from the rise in online shopping and the artificial intelligence
revolution, increasing demand for facilities and reducing labour costs as
automation picks up.”
the 120,770 sq
metres (1.3 million sq ft) of
industrial and business parks
sold by Dominus for around
£100 million to a private
buyer is the 1, 390 sq metres
(14,957 sq ft) Kayley Indus-
the 391,016 sq metres
(4,209,000 sq ft) Walker
Park, Blackburn and Grim-
shaw Park, also in Blackburn.