Four Hardman Stree, Lothbury, c PNW

The building last traded in 2013. Credit: PNW

Four Hardman Street sold by Lothbury

Manchester investor T&M Real Estate, headed by Tayyab and Mustafa Kamani, has acquired the 50,000 sq ft Spinningfields office for around £13m.

Lothbury Investment Management, which acquired the building for close to £20m in 2013, put the asset up for sale last autumn, having announced earlier in the year it intended to wind up its diverse UK property fund.

Savills carried out the transaction on behalf of the vendor. Place understands that the buyer was unrepresented by agents, in a deal that was completed in December.

T&M Real Estate is an active property investor in Manchester, acquiring Clayton House in Piccadilly in 2016 and subsequently refurbishing the office and leisure building.

Other past projects include the redevelopment of Excelsior Works in a joint venture apartment scheme.

Occupiers at the 10-storey Four Hardman Street include Prosperity Law, insurer Hiscox and ground floor restaurant Banyan.

The deal comes at a time when changes are afoot in and round the Spinningfields area that reshaped the Manchester office market in the early part of the century. In December, Parthena Reys’ overhaul of the 350,000 sq ft One Hardman Boulevard was cleared by Manchester City Council.

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Ouch!!!!

By Sidebar Steve

Hi Neil – price and yield?

By John W

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