Standard Life Investments Property Income Trust has acquired 101 Princess Street in Manchester city centre, paying its private investor owners £8.1m.
The vendors, who were advised on the deal by Metis Real Estate Advisors, bought the building from Hudson Real Estate in early 2016 for £5.6m. Refurbishment was carried out on vacant areas, which have now been let, bringing the building to 100% occupancy.
Colliers International represented Standard Life.
The building, a grade-2 listed converted warehouse, comprises 40,000 sq ft over seven storeys, with occupiers including Inspired Gaming and co-working provider Accelerate Places. There are two nightclubs at ground floor and basement levels.
Standard Life simultaneously announced acquisitions in Birmingham and Reading, with the trio of deals valued at £26m.
Jason Baggaley, fund manager of the Standard Life Investments Property Income Trust, said: “All three of the purchases are in established locations which are seeing rental growth, and the office purchases provide opportunity for asset management.”