Prestigious Quay Street property sold

A FUND managed by Credit Suisse Fund Management has  acquired the Corner Block building on Quay Street in the Spinningfield area of Manchester.

It has made the purchase with £9.39m speculative development financing from RBS.  

Once renovated it will provide around 52,000 sq ft of Grade A office space with 9,000 sq ft of retail below. The site is currently let to Tesco, Starbucks and Sainsbury’s.

CS REAM will significantly refurbish the property, including a refreshed facade and entrance features.

Reinhard Stamm, head CS REAM Finance International, said: “The Corner Block building matched our requirements to invest in a value add opportunity – we have a clear view on how to refurbish and reposition this asset to end up with a core asset in an attractive environment.”