A business park in Manchester has been sold for £47 million.
The Towers in Didsbury has been purchased by a joint venture between Moorfield Group and Property Alliance Group.
The Towers business park in Manchester has been sold for £47 million to a joint venture between Moorfield Group and Property Alliance Group.
The sale marks the first acquisition for the partnership which was originally formed in 2010. The nine storey development in Didsbury was purchased from Wereldhave and consists of 290,000 sq ft set in 19 acres of landscaped gardens.
Home to key tenants such as Vodafone, British Airways, Cisco and John Lewis, the property marks a key investment for the partnership. Located in a key south Manchester location, The Towers is set to benefit from the new Didsbury Metrolink tram link which should be in place by 2013.
Property Alliance Group will manage the everyday running of the property and will also oversee the partnership’s planned refurbishment of the entire site.
“We believe we have acquired the right investment for our partnership with Moorfield, offering substantial potential to improve and enhance the value of the estate. The Towers has it all; the location, ample amenities, strong existing occupiers and the ability to expand in its use and appeal for further occupiers. Property Alliance Group’s core strengths are our established brand of quality design with competitive pricing, supported by the long-standing relationships with tenants,” commented Property Alliance Group’s director Dominic Pozzoni.
During the negotiations WHR Property acted on behalf of Moorfield Group and Property Alliance Group, while Jones Lang LaSalle represented Dutch investor Wereldhave.