Iconic Manchester Victorian warehouse sold for £80m

An iconic Manchester warehouse which has recently been converted into an aparthotel and food and drinks venue has been sold for £80m.

The Victorian building, which sits in the fringes of the Northern Quarter and close to Piccadilly Station, is home to Native and the recently opened Cultureplex.

The Ducie Street Warehouse has been sold to Deka Immobilien by Ares Investment Management.

Ares Investment Management purchased the 120,000 sq ft building for £25m in 2016.

The firm bought the building in partnership with developer Capital & Centric from Goldman Sachs and Greystar.

The property has recently undergone a major facelift and is also home to a restaurant and gym. The building also has a mini-cinema, coffee shop, restaurant, private meeting and dining rooms and outdoor terraces.

The restaurant and bars are operated by Bistrotheque through its Cultureplex arm.

Pablo Flack and David Waddington, founders of London restaurant Bistrotheque, are the brains behind the project.

The £25m refurbishment was completed last month and was carried out by Native – the operations arm of Ares – and contractor Styles & Wood.

The refurbishment has seen the building’s original features restored including exposed brickwork, vaulted ceilings and wrought-iron girders and columns.

A new glass atrium roof has also been installed over the lobby.

The grade II listed property has seven floors of accommodation made up of 158 studio, one-bed and two-bed aparthotel suites as well as eight penthouses.

The building dates back to 1867 and originally belonging to the Manchester, Sheffield and Lincolnshire Railway. The warehouse was used to store cotton bales imported from America.