Spinningfields blocks on the market after owner fails
ADMINISTRATORS have been appointed to companies that own two flagship Manchester office buildings in Spinningfields.
Alan Bloom, Ben Cairns and Craig Lewis of Ernst and Young have been appointed joint administrators to four companies that own the 350,000 sq ft 1 Hardman Boulevard and the 150,000 sq ft 1 Spinningfields Square.
The Royal Bank of Scotland agreed a lease on the buildings in 2004 and it still has 24 years to run.
Mr Cairns said: “1 Hardman Boulevard and 1 Spinningfields Square, are two prime office buildings with over 500,000 sq ft located in the Spinningfields development in central Manchester.
“The joint administrators are currently undertaking a full review of the two properties with a view to finding a buyer or buyers. The office locations continue to be fully serviced by managing agents and the tenants and suppliers will not be affected by the administrations.”
The companies in administration are: Plot 101 Nominee Limited, Plot 101 Nominee 2 Limited, Plot 403-405 Nominee Limited and Plot 403-405 Nominee 2 Limited.
They are all owned by London-based Matrix Spinningfields, a joint venture between Robert Randall and Matrix Securities which went into administration in 2012.
The EY Real Estate Corporate Finance team and Savills have been appointed as joint advisers on the disposal.
Mathieu Roland-Billecart, partner in the EY Real Estate Corporate Finance team said: “A formal sales process will commence shortly for these two office investments in Spinningfields, Central Manchester. This represents a unique opportunity to acquire two of Manchester’s most prestigious offices, fully let to RBS for another 24 years.”
