Mystery buyer for London Scottish House

A MYSTERY buyer has stepped in for the former headquarters of London Scottish Bank.

The 50,000 sq ft property on Mount St opposite the Manchester Central Convention Centre has been on the market since 2011 and a board outside now says it has been sold.

But the agents involved have been reluctant to discuss the deal.

There was no comment from CBRE or Mike Hawkins of Colliers who started marketing the building while at WHR.

It was owned by Dublin-based Walls Developments which bought the site from the now defunct London Scottish Bank in 2007 for £20m.

It had intended to embark on a major redevelopment, creating up to 260,000 sq ft of Grade A office space. However, it was hit by the slump in the Irish property market and brought the site to market alongside the National Asset Management Agency – Ireland’s “bad bank” set up to deal with distressed property loans. There was no comment from either Walls or NAMA on the sale.

The building sits on the edge of St Peter’s Square, which is currently undergoing a number of large-scale regeneration projects such as the nearly-completed 270,000 sq ft One St Peter’s Square and Fred Done’s 230,000 sq ft building which is expected to start this year.

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