53N acquires in Manchester
Property investment group 53N has bought 76 King Street in Manchester from UK Land & Property for an undisclosed sum.
The deal was brokered by Lymm-based Xentum Wealth Management, which works in collaboration with 53N to secure private investment opportunities for the firm's clients.
Xentum Wealth Management said extensive refurbishment of the 31,000 sq ft office space, covering four floors and formerly used by law firm Halliwells, is due to commence shortly.
Dominic Baldwin, managing director of Xentum, said: "With no sign of inflation rates looking to fall there's a real demand for inflation proof investments. Commercial property is an asset that is proven to be a strong inflation hedge and by working with 53N it enables us to find unique investment opportunities for our clients."
Andrew Waugh, from 53N, added: "We've been working in strategic partnership with Dominic for a long time and by taking advantage of market conditions we've been able to assist Dominic in unlocking a great investment opportunity for his clients. Deals like this take time and we're looking forward to working together on future projects."
UK Land & Property bought Grade 2-listed 76-80 King Street in Manchester for more than £15m from Scottish Widows at the start of 2008.
WHR and Matthews & Goodman are retained as agents on the property. 53N was advised by Gorvins and Weightmans on the deal.