Office block in city centre acquired for £10.6m

MULTI-let office building in central Manchester has been sold to property investment company Palace Capital for £10.6m.

Boulton House on Chorlton Street has 75,000sq ft of space. The vendor is F&C Reit Asset Mmanagement which bought the building in 2011.

Nabarro advised AIM-listed Palace Capital, which has secured a new debt facility of £6m from Santander.

Palace Capital focuses on commercial property outside London. Boulton House is located in one of Manchester’s redevelopment and regeneration hot spots. The office block’s tenants include Arriva Rail and Trillium.

Leading the transaction from the Nabarro Manchester office was real estate partner Monica Brij assisted by senior associate Tanya Francis and associates David Lees and Jayne Hindle.

Banking & Finance managing associate David Stanbridge advised on the new £6m facility with Santander.

Brij said: “We are delighted to have acted on this significant multi-let office building in Manchester’s business district. This transaction shows continued appetite for regional office stock.

“We are proud to be playing a key role in the city’s economic growth by advising on many of the key transformational projects as Manchester’s regeneration and development continues to accelerate.”

Bilfinger GVA represented Palace Capital and CBRE represented the vendors.