Hurstwood snaps up Manchester office block
The property investor has bought 40 Peter Street in the city centre from a private vendor as the latest in its regional acquisition spree this year.
Hurstwood Holdings purchased the property – which was being marketed for a price in excess of £1.5m – for an undisclosed sum.
The building offers around 5,000 sq ft refurbished office space across three floors – part of the block is classified as a separate property and was not included in the sale.
The occupied two floors are home to consultant engineering firm Shepherd Gilmour and chartered surveyor practice Christopher Dee, which acted as the sales agent on behalf of the vendor.
There is one vacant floor providing 1,614 sq ft of open office space, which is being marketed at £20 / sq ft, according to the agent. The property currently commands total rent of £94,365 inclusive of 12 months’ rental guarantee on the vacant second floor.
The 1950s-built 40 Peter Street is located in Manchester city centre, close to St Peter’s Square and Great Northern Warehouse.
Stephen Ashworth, chairman and chief executive of Hurstwood Holdings, said: “40 Peter Street is an attractive landmark building, which has undergone a refurbishment to create a contemporary office environment that benefits from natural light and manageable, open floor plates.
“As soon as we were made aware that it had come to the market, we knew it was an excellent opportunity for us and were determined to add it to our Manchester portfolio.”
Agency King Street Commercial represented Hurstwood Holdings, while Rothschild & Co provided the finance and Gateley was the legal representative.