Previous Page  6 / 32 Next Page
Information
Show Menu
Previous Page 6 / 32 Next Page
Page Background

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.

The

REAL DEAL

6

Commercial Property Register

March - June 2018

www.compropregister.com

NEWS

QUAY

West

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

adjacent docks.

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/

industrial occupier.”

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

as Manchester.

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.”

IN BRIEF

Among

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-

trial Estate,

Ashton-under-Lyme;

the 391,016 sq metres

(4,209,000 sq ft) Walker

Park, Blackburn and Grim-

shaw Park, also in Blackburn.