Allied London offloads two Spinningfields buildings

The developer has continued its strategy of trading assets to recycle equity within its Manchester office district with the sale of No 1 Hardman Street and Tower 12 in separate deals valued at £30m in total.

The five-storey office in Hardman Street block under construction for Mediacom to occupy next year was sold to Charles Street Buildings Group.

Tower 12, the refurbished and extended former Manchester House, has been acquired by CBRE Global Investors.

The building has offices above restaurants and let quickly to occupiers including Capital Properties, app maker Great Fridays, Pro Manchester, Montague Capital and Lincoln Chambers.

OBI acted for Allied London and CBRE acted for the purchaser.

Mike Ingall, chief executive of Allied London, said: "We've continued to successfully invest in and develop Spinningfields during the economic downturn and whilst small, these latest developments have been great additions, cleverly and effectively executed. They have opened up new markets that we will now build on, recycling our equity to expand the estate further.

"We are now ready for the next stage in the business district's evolution and are due to commence development of the Cotton Building next spring on a speculative basis. A planning application for Number 1 Spinningfields will also be submitted soon. This will be a 260,000 sq ft building in Hardman square. Again in the spring, we will also be launching more innovative, new concepts in workspaces and a world-leading leisure and dining offer that will help take the whole city up a gear."

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