An industrial scheme in Manchester, which is occupied by the likes of Sky and Ticketmaster, has been acquired by a developer targeting an investment portfolio of £150m.
Henry Boot Developments has snapped up the 26,945sq ft City Court in Ancoats, marking its third acquisition this month.
The Sheffield-headquartered developer acquired the Poland Street scheme, which includes 13 units, from Urban Splash and Pears Group for £5.8m.
This latest deal follows HBD’s acquisition of Allied Business Centre in Lancashire, a 150,000 sq ft industrial property purchased for £4.75m, and a prominent site in Birmingham’s Jewellery Quarter, now tipped for a £100m residential-led mixed use scheme.
Adam Brady, executive director at HBD, said: "City Court was an ideal fit for HBD as we continue to build our investment portfolio - it’s in a great spot at the heart of the city’s popular Ancoats and New Cross Neighbourhoods and offers exciting redevelopment potential in the future."
Dean Thompson, director and head of region at HBD, added: "City Court has a good mix of occupiers and benefits from the many amenities of Ancoats and New Cross.
"It’s unusual to get the opportunity to acquire an industrial site in such close-proximity to the city core and offers the chance to leverage our expertise to further improve the scheme."
Edwards & Co acted for HBD, while Avison Young and Colliers represented the vendors.
