Dalton Place is located next to the site of HBD's Island office scheme, which is under construction. Credit: Place North West

Karrev acquires Manchester’s Dalton Place

9 May 2023 10:08 Dan Whelan Comments (0)

Let to WeWork for the next 15 years, the 76,800 sq ft building was put up for sale last year with a guide price of £44m.

Investor Karrev has acquired Dalton Place from Tesco Pension Fund for around £28m, according to market sources.

Karrev is also the money behind the acquisitions of Sunlight House in Manchester and Martins Bank Building in Liverpool for developer Kinrise.

Kinrise is not understood to be connected to the Dalton Place deal.

Karrev was advised by Knight Frank and Savills acted for Tesco.

WeWork signed a 20-year lease for the entirety of Dalton Place in 2018 following an extensive refurbishment. The building generates around £2.7m in rent annually.

The John Dalton Street office is one of four WeWork sites in Manchester. The others are 1 St Peter’s Square, The Hanover Building, and No1 Spinningfields.

The co-working provider had been eyeing up space at Boultbee Brooks Hyphen on Mosley Street but pulled out of the deal in 2020.