55 Spring Gardens acquired by Aviva Investors

Manchester city centre building 55 Spring Gardens has been sold by CBRE Global Investors to Aviva Investors.

The property was held by the CBRE UK Property PAIF and has 55,700sq ft of office space, ground floor rental and units and a car park in its basement.

CBRE bought the building in 2015 before undertaking a complete revamp.

Jamie Phillips, portfolio manager for the CBRE UK Property PAIF, said: “Having completed a top-quality refurbishment, we saw an opportunity to exit at a strong price, delivering a good return for our investors and without the need to endure future void costs or additional letting risk.”

A spokesman for Aviva told TheBusinessDesk: “The acquisition of 55 Spring Gardens is directly aligned to our stated desire to expand our long-term presence in the Manchester market.

“55 Spring Gardens presents us with another opportunity to build long-term relationships with North West occupiers, including tech start-ups and other growing SME businesses, providing them flexibility, in an environment that promotes creativity and innovation.”