Derwent bought the eight-storey Manchester office in 2016. Credit: Place North West

Derwent puts Manchester office on the market

14 June 2022 16:07 Dan Whelan Comments (1)

Offers of £13.5m are being sought for Cardinal House, a 55,000 sq ft building located within the burgeoning St Mary’s Parsonage regeneration zone.

Derwent Group, which bought the eight-storey Manchester office in 2016, has appointed Avison Young to market the property for sale.

The 1960s building could be refurbished and extended, or knocked down and replaced with a 140,000 sq ft new-build commercial scheme, according to marketing documents.

There is also scope for the site to be redeveloped into a hotel or residential scheme. Vacant possession will be obtained in October 2022.

Cardinal House forms a key part of the wider regeneration of St Mary’s Parsonage. Nearby, Bruntwood is planning to knock down Alberton House and build a new 250,000 sq ft office, while Oval Real Estate is readying plans to redevelop the site of Albert Bridge House.

Investec’s planned overhaul of the House of Fraser department store into 500,000 sq ft of offices also forms part of the outlook for St Mary’s Parsonage.