Leeds-based investor acquires Manchester office
Threesmith Group has bought Northern Assurance Buildings from Kinrise for just over the £8.3m asking price.
The 28,000 sq ft office, located off Manchester’s Albert Square, was put up for sale in June.
The deal between Kinrise and Threesmith took around 30 days from offer to completion, according to parties close to the deal.
Threesmith Group is headed up by directors Luke and James Smith. The pair also run A-Safe, which manufactures safety barriers.
The most recent accounts filed for Threesmith Group Holdings are for the year ended December 2022 and show a jump in revenues year on year from £3m to £30m.
Crans Property Consultants and Schofield Sweeney acted on behalf of the purchaser. Carrick Real Estate, OBI Property, and Withers Worldwide acted on behalf of Kinrise.
David Cran, director at Crans Real Estate, said: “This was a fabulous opportunity for my clients to acquire a prime asset with secure income and longer-term asset management opportunities.
“This building has rarely traded having been recently refurbished with long established occupiers and is perfectly positioned in preparation for the reopening of Albert Square later in the year”.
Northern Assurance Buildings is well-known within the Manchester property community – as well as being home to the likes of FEC, Metis Real Estate, and Hydrock, Piccolino, a much-loved haunt for property types, can be found on the ground floor.
The building generates net rent of £676,744 a year, with an average rent of £24.50/sq ft.
Kinrise bought the building along with three others that make up the Albert Estate for £6.7m in 2015.
The others are Victoria Building, 1 Central Street, and 2 Mount Street.
Kinrise sold 1 Central Street to MGTS St Johns High Income Property Fund in 2022.
Earlier this year, Kinrise stepped away from a pair of North West office refurbishment projects it was delivering in partnership with funder Karrev – Martins Bank in Liverpool and Sunlight House in Manchester.
