Quay Street office block changes hands in debt purchase deal

Urbana Partners has completed the debt purchase of 17 Quay Street, in Manchester, from Aberdeen Standard.

The site comprises a 58,000 sq ft vacant office building.

Strategically located on the corner of Quay Street and Byrom Street, the site boasts exceptional nearby amenities between Spinningfields and St John’s, Enterprise City.

Real estate consultancy firm, OBI, advised Urbana Partners on the purchase and Scott Gemmell said: “We are pleased to have secured this quality ‘value add’ office investment opportunity for Urbana Partners.

“The asset offers clear asset management initiatives, whilst taking advantage of the strong fundamentals that the Manchester office market has to offer.”

Nick Lloyd, partner at Urbana Partners, said: “The building benefits from a prime location and a configuration that will enable us to pursue a high quality, ESG-conscious refurbishment orientated towards the increasing post-COVID occupational demand.

“This is Urbana Partners’ fourth UK acquisition in the past 12 months, and we will continue to target stable income and end-of-life office repositioning opportunities throughout the UK.”

OBI worked closely with James Evans from Savills who advised the vendor, Aberdeen Standard Investments.