MCR picks up airport-adjacent offices from Threadneedle
The acquisitive property group has bought 4M Manchester Airport, the 85,000 sq ft block above the international gateway’s railway station.
MCR Property Group, which is also amid a major push back into student property, said the deal marks another significant investment in its home city and strengthens the group’s growing commercial portfolio, with £2m earmarked to refurbish and reposition the building.
No sale price has been disclosed, although it is understood the asset had been marketed for around £8.5m. Threadneedle Curtis, part of Columbia Threadneedle, was the vendor, having taken on the asset in a 2020 portfolio deal.
Positioned directly above Manchester Airport’s main transport interchange, between Terminals 1 and 2, 4M provides six floors of office accommodation, with suites ranging from approximately 278 sq ft to more than 15,000 sq ft. Floorplates come in at around 15,000 sq ft.
Occupiers include the airport organisation itself, Emirates, Menzies Aviation and TransPennine.
The refurb programme is to begin from late October, with the focus initially being the transformation of lower floors into a flexible workspace destination, offering serviced offices and smaller suites.
This will form part of MCR’s forthcoming national flexible workspace brand, covering its flex offer across all locations under one identity.
MCR’s buy follows its recent acquisition of the former Direct Line base in Leeds, with the firm adding that it has a pipeline of further opportunities under consideration.
Martin Brown, director of commercial property at MCR Property Group, said: “4M has all the fundamentals we look for: scale, connectivity, a globally recognised location and genuine potential to create something significantly better.
“The continued investment and growth around Airport City was a major attraction for us. Manchester Airport is one of the North West’s most important economic and employment locations, and we see a clear opportunity to create a much stronger workplace offer for businesses that want accessibility, flexibility and quality in one place.
“We are investing £2m into the building, upgrading the existing accommodation and creating an entirely new flexible workspace proposition across the lower floors. That will give new occupiers more choice, while also giving businesses already based at 4M the flexibility to grow and evolve within the building.
“It will also become an important part of the workspace brand we are preparing to launch nationally, so in many ways 4M is the perfect place for that next chapter to take off.”
MCR was represented by Lambert Smith Hampton and Deloitte.
Brown concluded: “Following our acquisition of Headrow House in Leeds, and with a strong pipeline of further opportunities in the office sector, this is another example of where we see value in well located buildings that can benefit from active ownership and investment.
“For MCR, this is also another significant investment in Manchester. We know the city, we understand the market and we continue to see opportunities where meaningful investment can unlock long term value.”
