Alinor, Oval acquire Manchester’s One Tony Wilson Place
An off-market deal saw Aberdeen Group finally sell the 167,000 sq ft office building in the city’s First Street district – nearly three years after the investment manager had abandoned an 18-month search for a buyer.
Alinor Capital Management and Oval Real Estate are the new owners of One Tony Wilson Place, having acquired the property for an undisclosed price. The duo, who manage assets worth approximately £2bn combined, have promised a £34m refurbishment for the building. This will include a modernised reception, business lounge, gym, and roof terrace. The investment programme is due to take 18 months and complete in mid-2027.
This will be a new chapter for One Tony Wilson Place, which last changed hands in 2015. At that time, Aberdeen Group paid £64.7m to Patrizia to take ownership of the office complex.
Aberdeen then went on to market the property in May 2022 with a guide price of £73m. That dropped £20m to £52.5m a year later. Another six months passed and the investor opted to pull the building from the market and conduct a refurbishment itself.
Designed by BDP, the BREEAM Excellent building was completed in 2008. As of 2023, its annual rental income was £4.5m with tenants that included Auto Trader, Jacobs, and Ford.
CBRE acted as the buying agent for Alinor and Oval on the deal, with DLA Piper providing legal representation.
Reflecting on the deal, Alinor Capital co-founder and partner Michael Sutton said: “Combining our investment expertise with Oval’s operational acumen underpins our confidence in the building’s re-emergence as a highly attractive office asset in a resilient local market with limited comparable supply.”
Oval’s chief investment officer, Will Parry, described Manchester as “a leading UK commercial centre”, with this deal proof of the firm’s confidence in the city’s office market.
“Our plans will deliver a high-quality, Grade A office through a comprehensive refurbishment, creating a modern, sustainable workspace aligned with the needs of today’s occupiers,” Parry said.
“We look forward to relaunching the building in 2027.”
Oval’s confidence in Manchester also plays out in the company’s other project in the city – the demolition of the 1950s Albert Bridge House. Oval’s plans to transform the site into two 37- and 49-storey residential towers and a 17-storey office block secured a motion to approve from the city council’s planning committee late last year.
