Manchester International Office Centre Sold
The Manchester International Office Centre (MIOC) has a new owner, with global real estate fund Infinity having completed the ┬ú13.5m purchase from developer Highcross and taken ownership of over 100,000 sq. ft. of office space adjacent to Manchester Airport.
Located within over 6 acres of landscaped grounds, the MIOC has recently undergone a major refurbishment in order to raise the standard of office space available at the site and attract additional clients.
“This latest investment perfectly complements our existing portfolio.ΓÇ¥ explained InfinityΓÇÖs Property Partner Les Lang.
ΓÇ£The property’s prime location and high specification accommodation offers Infinity an outstanding opportunity to increase occupancy, and enhance asset value.”
Located adjacent to Manchester International Airport and within a mile of the M56 motorway, the MIOC site offers a total of 42 office suites ranging from 400 to 16,000 sq. ft.
Specialising in the acquisition of commercial and residential property in prime urban locations, the purchase of MIOC by Infinity represents its second foray into the commercial office market, building upon its ┬ú6m purchase of 53 King Street in nearby Central Manchester back in 2009.
Manchester Office Market Overview
The commercial office market across Manchester has undergone some notable changes in the last 2 years, with commercial agents highlighting that the bulk of transactions have been for businesses seeking 5,000 sq. ft. or less and that the availability of Grade A Office Space has begun to diminish due to a lack of new office builds.
In the serviced office market, which comprises of 113 locations across the M postcode area, the number of new businesses entering serviced offices decreased during 2010. This trend was repeated across the wider North West region, as shown in the Serviced Office Review research document published by officebroker.com.
Manchester accounted for 28% of all serviced office tenants placed in the North West via the officebroker.com service during 2010.