Commercial Estates snaps up chunk of ex-Kenmore portfolio

COMMERCIAL Estate Group, a property investment firm with offices in London and Harrogate, has entered the Manchester marketplace following the purchase of a £100m portfolio of properties previously owned by collapsed property group Kenmore.

Among the assets bought from the portfolio are the 196 Deansgate office building in Manchester city centre and the Jackson House building at Sale in Trafford.

The company has now acquired more than 500,000 sq ft of property in the region following the deal, which will be managed by Rob Thompson and Antonia Martin-Wright, who has joined the firm from Bruntwood.

196 Deansgate has recently been extensive refurbished and Jackson House will be relaunched at the end of 2011. It has 100,000 sq ft of space available that can be subdivided into units ranging from 894 sq ft to 29,000 sq ft.

“We’re delighted to be officially active in the North West and to have secured two fantastic buildings, which represent Manchester at its best,” said Martin-Wright.

“The region is showing signs of resilience in a tough market and strategically our new buildings position us well to respond to the predicted growth in demand for Grade A office space. 

“As a property investor, this is our first real venture into the city and we anticipate much success with 196 Deansgate and Jackson House and look forward to seeking further investment opportunities in the North West as we ramp up our activity here.”

WHR And Edwards & Co have been appointed as joint agents on 196 Deansgate. Savills and Canning O’Neill have been appointed as joint agents on Jackson House.

Kenmore Property Group had been built into a collection of funds and properties worth an estimated £1.8bn, but it owed more than £700m to its banks and the plug was pulled on the business in November last year.