Manchester Spinningfields office property sold for ┬ú183.5m
Spinningfields office property 3 Hardman Street has been sold by owners Allied London, to European fund manager ├årium, for a reported ┬ú183.5m.
The property has a total of 350,000 sq ft of Grade A office space, and its prime location in the acclaimed new Spinningfields business district has attracted interest from many financial and professional services firms, including current tenants Pinsent Masons, Barclays Bank, Shoosmiths, The General Medical Council, PKF and Beachcroft.
├årium acquired the property as part of a ┬ú600m scheme, called the Glenn Arrow UK Property Fund, to buy office and retail sites across the UK.
Commenting on the transaction, Michael Ingall, chief executive of Allied London, said:
“The successful sale of 3 Hardman Street is testament to its success as a landmark building and the continuing success of Spinningfields where we now have a total of 43 organisations operating within the estate. This building is the best commercial building outside of London.”
The agreement comes at the same time that Manchester City Council and Allied London have agreed a development plan to progress the high-profile Spinningfields scheme.
Manchester City Council have now bought the final sites on Hardman Square and Hardman Boulevard, and have extended the development agreement to 2015.
Manchester City Council chief executive Sir Howard Bernstein said: “This is a prudent investment by the city council. It’s important to build a platform to maintain growth and respond to the demands for office space in the city centre.”
Fine out more about serviced offices in Spinningfields here.