Development Securities has acquired a 50% stake in Property Alliance Group's £35m Axis office tower in Manchester city centre.
The 18-storey scheme is on site next to Deansgate Locks and Manchester Central, formerly G-MEX, and will deliver 75,000 sq ft with 50 on-site car spaces.
The canalside building will offer self-contained office suites of 4,500 sq ft with full height glazing. The 18th floor will contain conference and meeting rooms with an external roof garden.
Matthew Weiner of Development Securities said: "We have a strong belief in the Manchester market and have been keen to progress a further project in the city, following on from our successful, pre-sold project, at CityPark. Entering into a partnership with Property Alliance Group, which has a strong financial position and successful track record, provides us with the perfect partnership opportunity. We hope that the success of our JV with Property Alliance Group leads to further development opportunities through our new alliance."
Adam Higgins of Property Alliance Group added: "We have had strong occupier interest and are already in detailed discussions on several floors. Current economic conditions are challenging but we believe that the strength of the product will mean that occupiers in the market will be attracted to the scheme."
The deal was brokered by Rob Horton of Whitaker Horton. Alliance & Leicester Commercial Bank has provided the funding for AXIS, Russells Construction is the contractor and WHR Property Consultants and P3 are the joint acting agents.