Spinningfields block sold for £31m

SPINNINGFIELDS block 4 Hardman Square has changed hands in a £31m deal.

Orchard Street Investment Management has acquired the building on behalf of St James’s Place from a GLL Real Estate Partners fund.

The 54,300 sq ft block is home to HSBC and Grant Thornton and has a Pret a Manger cafe on the ground floor.

Tom Chadwick at Orchard Street, said: “This landmark asset holds a prime position in the centre of Manchester’s most sought after office location. Underpinned by growing occupational demand as an increasing number of businesses are attracted to the North West’s capital, we believe that 4 Harman Square presents an exciting opportunity for future income growth.”

Will Kennon at CBRE, representing the vendor, said: “4 Hardman Square represents a rare opportunity to acquire a genuine trophy asset in Spinningfields. A direct and targeted marketing strategy helped achieve strong investor interest and we are delighted to have represented our clients, GLL, and deliver this successful outcome”

Orchard Street was advised by DTZ while GLL was advised by CBRE and Norton Rose Fulbright.