City centre office block changes hands in off-market deal
Acting on behalf of Columbia Threadneedle, Sixteen Real Estate has announced the off-market acquisition of Clarence House, on Manchester’s Clarence Street, from clients of CBRE Investment Management, for an undisclosed sum.
CBRE Global Investors bought the property in January 2016 for nearly £7m, from land and property company HIMOR.
The imposing office building, which provides exclusive and contemporary office space, is situated within Manchester’s Albert Square Conservation Area on the corner of Tib Lane and Clarence Street and comprises circa 17,500 sq ft arranged over ground and five upper floors.
The property is multi-let to a range of professional sector occupiers, although approximately 40% of the building has recently become vacant providing the opportunity for a refurbishment and enhancement of the accommodation.
The transaction has been completed off market, with the vendor being advised by Will Kennon of CBRE.
Nick Nelson, of Sixteen Real Estate, who advised Columbia Threadneedle on the purchase, said: “With strategic investment in the building we plan to make Clarence House the premium small suite scheme in Manchester, catering for all the requirements of forward thinking companies.”