JV acquires Office Village ahead of revamp
THE joint venture partnership of Urban Splash and Pears Group has announced its acquisition of the 46,000sq ft Office Village scheme by Exchange Quay in Salford Quays.
The deal was concluded in just five working days; terms were agreed with the vendor – a major fund.
This latest acquisition of Office Village bolsters the JV portfolio to almost one million sq ft of office space.
Nathan Cornish, director at Urban Splash, said: “I am thrilled we were able to act fast and add another great asset with loads of potential to our portfolio with Pears.
“Our JV partnership which owns and manages thriving commercial assets goes from strength to strength; we are fortunate to have access to substantial funds to acquire assets for cash, along with a great team and quick decision making culture that can move quickly when we identify an asset we like. We can’t wait to get stuck into refurbishing the scheme and offering workspaces in an exciting commercial area.”
Added Dan Crossley who acted on behalf of the JV: “The speed of this purchase underlines the confidence that Urban Splash and Pears, two very experienced investors, have in the property market post BREXIT. Completing in such tight timescales shows how decisive investors with conviction can drive deals through, something recognised by the vendors who chose the JV the over other potential bidders.”
Urban Splash will now drive forward the refurbishment of the building – which overlooks the Manchester Ship Canal – to bring it in line with the rest of its commercial portfolio.
The company has met with architects to update and improve the development before marketing the 50% vacant space within the scheme.
Cornish added: “Although not an obvious Urban Splash building, being a slightly tired, 1990s office block, we have lots ideas how we can improve the space with an Urban Splash touch. I can’t wait to get stuck in and bring something new to an exciting commercial area.”
Jonathan Rose, group managing directo of Pears, said: “This joint venture portfolio continues to perform and we are always on the lookout for new opportunities of this kind to bolster our assets.”
Urban Splash has also made sole acquisitions this past year of buildings including the former Regiment pub in Castlefield, Phoenix Mill in Ancoats plus sites in Walsall, Salford and the Civic Centre in Plymouth.
Dan Crossley of WHR acted for Urban Splash and Pears, while Metis acted for the vendor.
