Property Alliance Group has bought the 86,000 sq ft Trident business park in Manchester from Kennedy Wilson for £5.25m, and has let a 38,000 sq ft block to Quindell.
Trident is made up of three offices in Styal Road, Gatley. As part of the acquisition Alliance has appointed AEW Architects to refurbish the scheme, including the construction of a glass reception area connecting the three buildings. Alliance also plans to add on site amenities such as bike storage, a gym, shower and changing facilities and an outdoor sports pitch.
Russells Construction is the contractor on the scheme.
The deal to insurance outsource company Quindell is for around £15.50/sq ft. Quindell has acquired several North West-based businesses in the last few years including the Accident Claim Helpline in Manchester. The company currently has bases in Blackpool and Liverpool.
Alex Russell, director at Property Alliance Group, said: "We have noticed a significant increase in occupational demand for South Manchester office space and in particular for Manchester Airport due to its excellent connectivity, and as a result we were keen to acquire an asset in the area.
"We have started on site with plans to reinvigorate and further develop the scheme. Our track record for high quality design and our planned amenities for the development will create a first-class business location. We are delighted to have secured our first occupier at this early stage. There has been further significant interest in the scheme and we expect to announce additional tenant arrivals shortly."
CBRE, Colliers and Williams Commercial have been appointed as letting agents for the scheme.
CBRE acted for Kennedy Wilson in the disposal of Trident.