MIPIM | Parthena Reys open to more Manchester deals after city debut

The private equity firm acquired the 350,000 sq ft One Hardman Boulevard in Spinningfields in late 2023 and is setting about repositioning it into one of the city’s best office buildings while keeping one eye on more opportunities to invest.

Speaking to Place North West at MIPIM, Jonas Mallard, director at Parthena Reys, said the scheme is keeping them busy but that if another building came up that fits its investment criteria the firm is ready to pounce.

“I think we’ve got quite a big beast already to kind of absorb and manage to digest,” he said. “But we’re here at MIPIM and we’re looking around to see what else we can find.

“We are looking to redeploy cash [and] we like Manchester, so we’d be quite happy to look at something.”

Speaking on a panel delving into the performance of the Manchester’s Grade A office market, Mallard’s sister and fellow director Colette Mallard said the firm was “charmed by the city”.

“There is so much going on. The Mancunians are so positive and ready to do business,” she said.

Both Mallards extolled the virtues of Spinningfields as a business hub with Jonas describing it as possibly the best district of its type in Europe outside of a capital.

Aside from the location of One Hardman Boulevard, which Parthena Reys has since rebranded The Metropolitan, two other factors were instrumental in the choice to make the counter-cyclical acquisition – the size and the fact that it was completely empty.

NatWest was the building’s previous occupier but then bank vacated the building to relocate elsewhere in Spinningfields in 2023. Securing vacant possession early on has allowed Parthena to move quickly to overhaul the space.

“[Vacant possession] meant that our architects could have a palette on which we could completely redevelop the building and redesign it,” Colette Mallard said.

While a building with such large floorplates might have put off some suitors, it was exactly what Parthena Reys was looking for.

“We like the size,” Jonas said.

Parthena Reys is embarking on a comprehensive overhaul of One Hardman Boulevard. Credit: via RDPR

Many developer investors take a long-term view when it comes to acquiring assets but few look as far into the future as Parthena Reys. The company’s MO is to invest for the long-term in well designed and well located buildings that can adapt though property cycles and shifting tenant requirements.

The company’s MO of retaining buildings for decades means it is more immune to market fluctuations than others and less beholden to rental levels.

This approach means that the family office can remain true to its mission of delivering best-in-class workspaces with a focus on wellness and ESG.

“If you’ve got a choice between a door that’s going to hold or one is going to fall off the hinges, you go for the one which is going to stand the test of time,” Jonas said. “If you’re looking for a long term investment, you want to make sure it doesn’t break down, because at the end of the day, you’re looking after your tenants.”

The Spinningfields deal was Parthena Reys first foray into the North, and the developer has looked to the capital for inspiration on how the redeveloped building should look and feel.

“We want to reposition it as a very chic building,” Colette said.

“We’ve been going around London and trying to find [a balance] between the high cost you have in London, but keeping it a similar quality and bringing it to Manchester.”

With Manchester heading towards a significant undersupply of new-build office space in contrast to demand in the coming years, refurbishment schemes like the Metropolitan, due to complete by early 2027, are ideally positioned to capitalise.

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