One Piccadilly Gardens sold for £67m

EUROPA Capital, in a joint venture with Paul Parkinson, has bought One Piccadilly Gardens and the Pavilion in Manchester from a private Irish investor for £67m, according to PropertyWeek.com.

The 167,369 sq ft office and retail property was developed by Argent in 2003 and has been acquired by Europa on behalf of its Europa Fund III.

The purchase also includes the Pavilion, a separate building providing 2,750 sq ft of retail. The property is let to Bank of New York, Allianz Cornhill, Manchester City Council and King Sturge.

Europa said its interest in the property was driven by the secure long-term income and the “attractive off-market purchase price”.

Sandra Capan, senior associate at Europa, said: “One Piccadilly Gardens represents a good opportunity to acquire a modern, multi-let, office building at an attractive yield.

“Purchased off-market, the deal is in line with the Europa’s strategy of identifying well located core assets in regional cities with a strong tenant mix but still with potential for active asset management.”

Europa Capital was advised by Savills.