Portland St block acquired by investment fund

A Grade II-listed building in Manchester’s Portland Street has been acquired by London & Scottish Investments.

Nine Portland Street, on the corner with Aytoun Street, was put on the market for £4m last summer. The sale price was not disclosed.

DTZ was appointed by the Law of Property Act receivers to sell the 53,000 sq ft block which was owned by Aneel Mussarat’s Rusholme-based MCR Property.

MCR, which paid £5m, lost control of the building in 2011 when secured lender Lloyds Banking Group appointed Jones Lang LaSalle as receiver.

It had been occupied by Greater Manchester’s Passenger Transport Executive (now Transport for Greater Manchester), but MCR acquired it with a view to redeveloping it once GMPTE departed to Argent’s Piccadilly Place scheme. London & Scottish said it will now conduct a £1m refurb of the vacant building.

Tony Howcroft of WHR, which acted for the buyer, said: “This is an excellent, strategic purchase for our client, their investment in the building is perfectly timed to capitalise on an improving market with the building providing high quality office accommodation in a central location. We are continuing to see a steady rise in new requirements coming to the market and 9 Portland Street is well positioned to capitalise on the dwindling stock levels in the city centre.”

WHR and DTZ have been retained as joint letting agents.