Allied London completes Spinningfields deals worth £30m
DEVELOPER Allied London has sold two Spinningfields buildings for a total of £30m.
Tower 12, a 75,000 sq ft office and retail block, has been acquired by CBRE Global Investors.
Meanwhile, the 17,000 sq ft 1 Hardman Street, which is being built for the media sales business Mediacom, has been bought by Leicester-based Charles Street Buildings Group (CSB).
Chief executive Michael Ingall said: “We’ve continued to successfully invest in and develop Spinningfields during the economic downturn and whilst small, these latest developments have been great additions, cleverly and effectively executed. They have opened up new markets that we will now build on, recycling our equity to expand the estate further.
“We are now ready for the next stage in the business district’s evolution and are due to commence development of the Cotton Building next spring on a speculative basis. A planning application for Number 1 Spinningfields will also be submitted soon. This will be a 260,000 sq ft building in Hardman square. Again in the spring, we will also be launching more innovative, new concepts in workspaces and a world-leading leisure and dining offer that will help take the whole city up a gear.”
In April IM Properties sold 1 The Avenue to London investor EPIC UK for £20m.
