City centre site changes hands with plans to develop new flexible accommodation

A central Manchester office and retail site has been sold, for an undisclosed sum, in a multimillion-pound deal.

Onward Buildings, a Grade II-listed structure on Deansgate, last changed hands 40 years ago.

It has been acquired from Mayer Investments by property investment firm, Agha Group.

Onward Buildings comprises 11,669 sq ft across five floors, close to the £400m St Michael’s redevelopment scheme in the city centre.

The ground floor and basement are let to Topkapi and Rendition with 207 Dental Care occupying just over half of the first floor. The remaining 4,700 sq ft is vacant.

Agha Group plans to revitalise the vacant office space to provide high quality, flexible accommodation.

Agha Sameer Anwar, Agha Group CEO, said the acquisition adds to the business’s portfolio and enables it to establish a footprint in Manchester city centre.

He added: “It’s an attractive building with excellent core income and inherent upside potential. Once refurbished, the vacant accommodation will provide flexible suites at an attractive price point to meet occupational demand from smaller occupiers seeking a city centre presence.”

Agha Group was advised by the Manchester office of property consultancy Fisher German.

Dominic Evans, investment partner at Fisher German, said: “Agha Group recognised the potential in this property and were able to move quickly to complete the acquisition.

“Their plans for refurbishment will produce quality office space providing an interesting opportunity for tenants looking for character space in the centre of Manchester.

“The size of suites will fit well with the resilient demand from smaller requirement occupiers, which make up a large proportion of the annual take up in Manchester.”

Gary Scorah, at Commercial Properties, acted for the vendor, while Joe Brolly at Square One Law and Jeremy Lee at Bexley Beaumont provided the legal support for the deal to complete.