Artmax snaps up Manchester office for £20m

In a deal worth in excess of £20m, Artmax Properties has purchased the 55,100 sq ft The Observatory office on Chapel Walks from the Universities Superannuation Scheme.

The office, built in 1998, is home to eight firms including Aviva, Capita Property & Infrastructure, Deerns UK, and Nationwide. Two suites totalling 11,100 sq ft are still available.

Artmax was represented by Cushman & Wakefield, while JLL represented the vendor.

James Porteous, director for capital markets at JLL, said: “The Observatory is a modern building in a prime location in the heart of Manchester’s central business district. It’s unsurprising given its location and tenant mix that it has drawn interest from a broad range of investor types.

“Domestic and overseas funds continue to view the city as a low-risk and attractive option with a range of opportunities for continued growth of capital values and rents over the next five years.”

Matthew Stretton, partner at Cushman & Wakefield added: “The building offers the opportunity to undertake a number of asset management initiatives to deliver enhanced returns and significantly improve the property’s credentials whilst also benefitting from a prime location in the heart of Manchester’s traditional business core.”

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Good work but soft deal

By Pistol Pete