MCR secures foothold in Spring Gardens office quarter
MCR Property Group, the investment and development company controlled by Aneel Mussurrat, has paid £7.475m to a private Swiss-based vendor for the Brook House office building in Manchester city centre.
The 40,000 sq ft, six-storey building on Fountain Street, was refurbished recently and has accommodation from 900 sq ft.
Mark Hayes, pictured above, commercial director of MCR Property Group, commented: "This was an important acquisition for us and complements the variety of other office buildings we currently own in Manchester city centre. We acquired the building off market as we immediately recognised the huge potential that it possessed and were very keen to make it part of our rapidly increasing office portfolio."
Hayes continued: "We intend to refurbish the remainder of the building to provide flexible office accommodation with a view to possibly redeveloping it in the future. There are several new office buildings due to be completed within this area and the planned vast redevelopment of Spring Gardens further strengthened our belief that this is an important area of the city to be involved in. We are even considering relocating here ourselves."
Matthews and Goodman advised the vendor and have been retained on the management and agency side.
MCR Property Group has also secured 7,000 sq ft of new lettings, achieving £14.95/sq ft, at Wellington House in Piccadilly Gardens after refurbishing the 25,000 sq ft office building.