Salford Quays office complex bought for £35m
CORDING Real Estate Group has acquired the freehold of The Achorage office complex in Salford Quays in a deal worth £35m.
The Northern European real estate investment and asset management firm, has made the acquisition in a joint venture with HIG Capital International Advisors, the US private equity group.
The asset was acquired from a private investor client of Knight Frank.
The complex, comprises 218,800sq ft of office space in four self-contained buildings, as well as a 777-space multi-storey car park. The four buildings are fully let at an average rent of £14.40 persq ft.
Anchorage 1 and 2 are let to Muse Developments, and Anchorage 3 and 4 are let to BUPA Investments.
The Anchorage is located at the gateway to Anchorage Quay and has views over the water to MediaCity, which is the new home to the BBC.
Cording’s head of portfolion management, London, Mark Millar, said: “The acquisition of this prime office block reflects our focus on income.
“It is let at a sustainable rent in a market which has seen a marked increase in occupier activity, particularly from bigger space users.
“The Anchorage also gives us the opportunity to apply our asset management expertise to improve value through working with occupiers to refurbish space and extend leases.”