Prime office block between city and airport bought for £9.5m

A GRADE A office building halfway between Manchester city centre and the airport has been acquired by a real estate firm and an investment company for £9.5m.

Titanium Real Estate and Chenavari Investment Managers have bought One Didsbury Point, a 55,000sq ft building and a 0.8-acre development site known as Two Didsbury Point from joint venture partners Countryside and Liberty.

Titanium, the North West based property investor and strategic asset management property consultancy established by Richard Bousfield in 2014, immediately sold Two Didsbury Point to a private owner occupier for £1.25m.

One Didsbury Point – which is currently home to Optegra and Bouygues – was built in late 2007 and struggled to find tenants through the recession.

However, Titanium plans to carry out an extensive refurbishment of the vacant 27,000sq ft and reception area to attract new tenant interest.

Titanium managing director Bousfield said: “I am delighted to be able to announce this acquisition and subsequent sub sale of the development land, which represented a good return for us.

“There is currently an acute supply of large floor plate Grade A buildings in South Manchester and with some good tenant requirements circulating and the planned high quality refurbishment, we expect to fill the building within months and are already in serious talks with three prospective tenants.

“This investment compliments our acquisition of Embankment House, Nottingham late last year. With available capital, we remain keen to acquire similar investments during the course of the year.”

Andrew Haines, partner at Chenavari Investment Managers, added: “We are pleased to support Titanium on this acquisition, which fitted well into one of our target investment themes for 2016 of acquiring business space assets at attractive pricing in under-supplied regional markets.”

Titanium and CIM were represented by Capita, Knight Frank and Cushman & Wakefield represented the vendor.

Cushman & Wakefield together with CBRE have been retained as the joint letting agents.

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