Arkwright House ‘under offer’ to London investor

MANCHESTER’S Arkwright House is said to be under offer to London-based property investor Catalyst Capital.

The grade II-listed, 90,000 sq ft Arkwright House in Parsonage Gardens has been on the market since last year along with the 61,000 sq ft Dock Office in Salford Quays.

They were acquired by US-based Kennedy Wilson when it bought a portfolio of distressed debt from Lloyds TSB, backed by Deutsche Bank.

It meant Manchester landlord Wrather Group lost control of the buildings even though it offered more than Lloyds received from the Kennedy Wilson deal, according to director Patrick Francis. GVA in Manchester was appointed the Law of Property Act receiver over the buildings last April.

The window for Arkwright House bids closed last month and Catalyst is understood to have won the competition, offering over £13m. Wrather originally paid £18.5m for Arkwright House in 2010, and around £7m for Dock Office.

All parties declined to comment.