Landmark city centre office block sold for £55m
Landmark Manchester building One New York Street has been sold by owner Invesco Real Estate to the Royal London Pension Property Fund for £55m.
The 113,256sq ft grade A office complex is split across 13 levels. It also has two floors of basement car parking, was designed by Denton Corker Marshall and completed in 2009.
Its 11 occupiers include Marks & Clerk LLP, AECOM and Turley Associates, with The Alchemist occupying a ground floor pub/restaurant unit.
JLL represented Invesco Real Estate while The Royal London Pension Property Fund was represented by Ryden LLP.
James Porteous, capital markets director at JLL in Manchester, said: “The city centre office investment market has been particularly active this year with more than £600m already transacted and JLL have been fortunate to be involved in many of these transactions.
“It’s extremely likely that total volumes for 2017 look set to exceed last year’s total of £642m but will be some way off the stellar year of 2014 which saw over a £1bn sold.
“There has been a definite trend this year towards off market deals and the city attracting equity from overseas investors.”
Alasdair Munn at Ryden LLP in London said: “The property will be a positive addition to Royal London’s growing portfolio of modern, multi let offices located in the the UK`s premier cities where value can be added not only by selective asset selection but also through active asset management.”
