40 Spring Gardens

Aviva closes in on Spring Gardens office

Impax Asset Management, which put its 40 Spring Gardens asset on the market in autumn 2017, is understood to be close to a £55m sale to Aviva.

The 100,000 sq ft nine-storey building was developed by Langtree at the site of the former Amethyst House, completing in 2007, and sold in 2010 by Himor to Climate Change Capital for £45m. It was transferred into the management of Impax following the 2012 sale of CCC.

Two storeys are vacant, including the first floor, which has proven difficult to move throughout the building’s history, meaning that there is around 23,000 sq ft empty at present. The largest tenant at the building is Lloyds, with Aldermore and Aon also present. Ground floor tenants include fashion retailer Hervia, hair and beauty salon House of Evelyn, and Café Beermoth.

Reports at the time of the building being marketed last year suggested that Impax was seeking £63m, and agents in the city say that the vendor’s agent has been looking for “something in the high 50s”. The building has gone under offer several times without progressing to a deal, one agent told Place North West.

Impax, which appointed interior designer Sheila Bird Group in 2013 to “reinvigorate” the building, also put it up for sale at £60m in 2015, also through Michael Elliott.

All parties have been approached for comment.

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A poor building considering who the architect was.

By Morse

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