HIMOR buys Ship Canal House for £22.9m

HAYDOCK-based property firm HIMOR Group has bought Ship Canal House, one of Manchester’s most famous landmark office buildings, from Catalyst Capital for £22.88m, reflecting a net initial yield of 6.7%.

The 71,527 sq ft building on King st is let to a number of occupiers including Fortis Bank, CLB Coopers, Stripes Solicitors, Fidelity and Liverpool Victoria. Last summer, HBJ Gately Wareing moved the 200-strong staff it had taken on following the demise of Halliwells also moved into the building.

The sale is only the fourth time the building has changed hands in its 100-year history.

Purchaser HIMOR Group is a privately-owned investment company co-founded by Wainhomes and Langtree Group co-founder Bill Ainscough and his son, Will.

Last year, the firm sold its 100,000 sq ft 40 Springardens building to Climate Change Capital Fund for £47.5m.

Will Ainscough, , managing director of HIMOR, said: “We are delighted to have secured this major city centre acquisition.

“Ship Canal House will form part of our long term investment portfolio.  We are on an active acquisition trail this year and plan to double our current £60 million portfolio over the next five years.”  

Mark Williams, Partner at WHR Property Consultants, which acted as agents for HIMOR, said: “This is one of the most high profile investment purchases that Manchester has seen in the last 12 months. 

“We had to compete with several funds to secure this deal highlighting the healthy demand for quality office investments in the region and reinforces Manchester’s position as a leading UK city for growth as a business destination.”

Lockett Loveday McMahon advised HIMOR Group on the legal aspects of the sale. GVA Grimley represented Catalyst Capital LLP.