Aurora/PPG Land complete £6.5m HSBC deal

A consortium comprising of Aurora and PPG Land, the property investment vehicle of Glasgow Rangers chairman David Murray, has agreed a deal to buy HSBC's Cross Street premises in Manchester for £6.5m.

The landmark building will be fully refurbished to provide 25,000 sq ft of office space.

Rehan Zaman, associate director of investment at CBRE, which acted for HSBC, said: "This transaction demonstrates the unabated appetite for refurbishment opportunities in the city centre. Aurora/PPG is intent on taking the building to a higher level than the general market standard. This approach will see them hitting higher rental levels and I expect the offices to be fully occupied in a short period following completion of refurbishment works."

CBRE acted for HSBC. Jones Lang LaSalle advised the purchaser.