M&G banks more than £80m for pair of Greater Manchester office assets
101 Embankment in Salford and One Portland Street in Manchester have been sold to investors Melford Capital and Midos respectively.
In the last few days, M&G has finalised deals to offload a combined 240,000 sq ft of office space in Manchester across two buildings.
The 180,000 sq ft 101 Embankment sold for around £75m, while One Portland Street was bought for £7.5m.
Melford, based in Guernsey, has snapped up 101 Embankment for £5m under the asking price. The deal is the investor’s first in the city region.
Other assets in Melford’s portfolio include the 200,000 sq ft EQ in Bristol, the 300,000 sq ft 9Yards retail complex in Preston, and the 44,000 sq ft mixed-use 4-9 Newport Street in London’s Covent Garden.
101 Embankment sits adjacent to 100 Embankment, which is owned by Salford City Council and has a headline rent of £35/sq ft, £5 more than rents currently commanded at 101.
Midos’s purchase of the 60,000 sq ft One Portland Street is the investor’s second GM acquisition in recent months and was completed £2m below the £9.5m asking price. The firm bought Trinity Bridge House in Salford last year.
Capre Real Estate advised Midos and CBRE advised M&G on both deals.
Almost a combined £50m loss for M&G then!
By Tim
But I don’t want to go to the office and therefore cannot process anything that disagrees with my inner narrative about offices. I want stories I want to hear like how the office is now worthless and nobody will go because..because,well we just don’t want to. I’m going for a lie down now ..something you can’t do in the office! Has anyone seen my stress ball?
By Val Uadd
Val, You’ve just described exactly why companies are asking workers to return to the office. Personally I think it’s one of the worst things to have come from the pandemic, working from home is doing to our cities what Amazon has done to our high streets and it’s also a poster child for what happens when change things simply because as can and not because we need to! Get back to the office!
By Cristoforo
I thought there was no money in Britain
By Anonymous
A more neunced take would be that no the office is not dead, but it certainly has changed with flexible working is new norm now. On the contrary, its a positive step, and the option is still there for people who want to spend more time in the office, why should they be forced to ‘Get back to the office’ just to shore up the inflated assets of some institutional investor.
By Anonymous