Overseas House sold for £12.25m
OVERSEAS House, on the corner of Deansgate and Quay Street in Manchester, has been acquired by Cushman & Wakefield, acting on behalf of Credit Suisse, for £12.25m.
The 61,412 office building – to be rebranded Cornerblock – near Spinningfields comprises 52,175 sq ft of vacant space over six upper floors and three ground level retail units totalling 9,237 sq ft which are let to Tesco, Sainsbury’s and Starbucks.
Bruntwood is to undertake a comprehensive internal and external redevelopment of the building for Credit Suisse.
Matt Stretton, partner at Cushman & Wakefield, said: “Following the recently completed acquisitions of 44 Peter Street and 19 Spring Gardens, this is the third deal that we have completed for Credit Suisse in Manchester city centre this year.
“Investor interest in Manchester remains strong and Credit Suisse recognised the potential that Overseas House offered with the opportunity to increase the long term value of the building.
“The proposed scheme will appeal to a wide range of occupiers from technology, design and marketing to the more traditional office occupiers who are looking for a contemporary workplace.”
Chief executive of Bruntwood Chris Oglesby said: “We are delighted to be developing this Bridge Architects designed scheme for Credit Suisse. Cornerblock will set a new benchmark for creative city centre workspace.”
