Investcorp completes Anchorage Salford Quays purchase

The Bahrain-based investment manager purchased Anchorage 1 and 2 for an undisclosed amount after the buildings went on sale for £40m in 2020.

HIG Capital and Canmoor appointed Knight Frank to sell the two office buildings, both of which have undergone extensive refurbishments. Anchorage 2 is fully let, while Anchorage 1 has a remaining 28,000 sq ft of office space available. Citivale is the asset manager tasked with finding a tenant.

“Anchorage offers flexible, high-quality office space and best-in-class amenities at competitive rents in the dynamic media and tech-focused Salford Quays market,” said Rebecca Farnsworth, Citivale’s investment director.

“We have already completed an expansion with existing tenant Campfire and look forward to marketing the remaining space, where we have been encouraged by the strong interest we have received.”

While the exact sale price for the buildings is under wraps, it is believed to have been around £38m.

Matt Stretton, a partner at Knight Frank, admitted that selling an office building during lockdown had its challenges.

“We needed to use every bit of experience to demonstrate how the tenants will occupy the building after lockdown and the letting prospects for the vacant accommodation,” he said.

Of the two buildings, Anchorage 1 is the smaller coming in at 37,754 sq ft. Anchorage 2 is 114,115 sq ft.