Artisan nets £3m from city centre sale
ARTISAN Property Group, the Manchester developer, has sold its New Wakefield Street mixed-use scheme near Oxford Road in the city for nearly £3m.
The sale, to an un-named Midlands-based purchaser, was led by CBRE’s specialist markets team.
The 26,250 sq ft leisure and residential investment, which is anchored by Black Dog Ballroom and The Font bar and has seven fully let apartments, provides an income of £190,000 pa.
The property also offers a number of development opportunities to convert the three floors of vacant office accommodation into additional apartments.
New Wakefield Street is in a prominent position close to the Oxford Road corridor. The property is adjacent to Student Castle’s 32 storey student residential tower, opposite Oxford Road station and located just off the former BBC Studio site on Oxford Road, both which are subject to major redevelopment proposals.
Nick Huddleston, senior surveyor at CBRE Manchester, said: “Interest was strong, with a number of very competitive bids in excess of the guide price. Investors are increasingly looking at leisure investments in the North West particularly when these developments provide wider asset management and development opportunities.”
Moya Ball of Artisan Property Group, added: “We are excited to have sold our New Wakefield Street scheme. This disposal will allow us to focus more strategically on our estate and concentrate on new development and investment opportunities within Manchester, Liverpool and the wider North West. Artisan Property Group is very much open for business.”
