Delancey leads race for 175,000 sq ft Manchester office 

The investor is closing in on a deal for One Tony Wilson Place at First Street, according to market sources. 

Delancey is understood to be partnering up with investor Lenrose to buy the 175,000 sq ft Manchester office from Abrdn. 

Lenrose is headed up by Jack Martin, whose father Ron teamed up with the Delancey to acquire Southend United Football Club in 1998.

Abrdn declined to comment and Delancey did not respond to requests for comment. 

Place North West understands the value of the deal falls below the £53m Abrdn was seeking for the 175,000 sq ft building. 

The property last traded for £64.7m when Abrdn acquired it from Patrizia in 2015. 

Abrdn put One Tony Wilson Place on the market last May for £73m. A sale at this price would have represented a net initial yield of 5.75%.  

The asking price was then dropped by more than £20m to £52.3m. 

Home to the likes of Auto Trader, Jacobs, and Ford, the building generates annual income of £4.5m, with 12,800 sq ft vacant on the third floor. 

The building was designed by BDP and has a BREEAM rating of Excellent. The property was originally developed by Ask.