A huge Manchester office development has been sold for £82m.
No.8 First Street, which has tenants such as Odeon, Gazprom, Lonza and WSP, has been sold by Greater Manchester Property Venture Fund (GMPVF) and Patrizia to Ashtrom Properties.
The speculative development, completed in 2019, will be familiar to many motorists using Medlock Street.
According to Avison Young, who acted on behalf of First Street, only one 14,000 sq ft unit is currently available at the site - "illustrating the development’s popularity as an attractive investment opportunity".
Guy Lewinsohn, CEO at Israeli property firm Ashtrom Properties, said: “The acquisition of No.8 is in line with our current strategy of investing in regional cities. We are thrilled to add this well-connected, prime office development surrounded by brilliant amenities to our portfolio.”
No.8 incorporates 170,000 sq ft of Grade A office accommodation over six floors.
The development was completed in 2019 - around two years late - after being delayed due to the collapse of Carillion in January 2018.
The purchase comes after Ashtrom bought historic Liverpool office landmark Exchange Flags for £68m in 2019.
David Winterbottom from Avison Young said: “The deal with Ashtrom Properties at No.8 First Street represents the firm’s first investment into the Manchester office market, demonstrating that despite the recent challenges, there is still great confidence in the city as it begins to emerge from the pandemic and takes steps towards recovery.”
Commercial Properties and Burlington Green Partners acted on behalf of Ashtrom Properties UK for the acquisition.
