Hunter looks to sell on back of Exchange Quay success
Hunter Real Estate Investment Managers has appointed Savills to sell 340,000 sq ft of offices at Exchange Quay in Salford for around £50m.
Exchange Quay totals 433,637 sq ft across six buildings. Building 4, which comprises 94,000 sq ft, was let on a long leasehold to AJ Bell in August this year and does not form part of the package being offered to the market.
Hunter bought Exchange Quay on behalf of an American institution in November 2013 for an undisclosed sum understood to be between £20m and £30m. It undertook a £10m refurbishment and public realm upgrade that reached completion in January 2016. This investment contributed to a run of success that saw 100,000 sq ft let in the year up to July 2016, a number almost doubled by the AJ Bell deal.
The letting agents at Exchange Quay are Canning O’Neill and Savills. All parties declined to comment.