Barwood North, headed by ex-Patrick Properties MD Andrew Dickman, has acquired a 107,000 sq ft office scheme near Manchester Airport from Standard Life Investments for an undisclosed sum.
Greencourts, which will be renamed Manchester Green, was acquired off market and contains five self-contained buildings on a 7.5-acre site. Three of the buildings are vacant, giving Barwood room to add value. Vacant buildings range from 14,838 sq ft to 24,927 sq ft. Ingredion and Capita occupy the other two buildings.
Barwood said it will shortly start work on a comprehensive refurbishment programme, which will include new landscaping, signage, and, subject to planning, a drive-through coffee shop and a bike park.
Dickman said: "This is the third major acquisition that we have made since establishing the North West office of Barwood nearly 10 months ago and our first office scheme. We are steadily creating a diverse portfolio of industrial, office and leisure schemes which we have been able to secure using our own funds allowing us to complete transactions quickly."
Dickman continued: "Manchester Green is a complex site and we are hugely committed to making a substantial investment in the scheme not only to realise the true potential that it has to offer but also to take it to the next stage of evolution placing it ahead of other office schemes in the area."
Mark Canning of Canning O'Neill, who acted for Barwood on the acquisition and has been appointed as the sole letting agent, said: "Greencourts is a well-established business park. Barwood's vision to recreate the former glory of this prominently located scheme is spot on and, together with ongoing proactive management, will enable Manchester Green to attract high profile occupiers."
Whitaker Horton acted on behalf of Standard Life Investments.
In April, Barwood was appointed preferred developer by Halton Council on the 200,000 sq ft commercial development Venture Fields at Widnes Waterfront.
In January, Barwood and joint venture partner Legal & General Property bought 31 acres of industrial development land near Wigan from Georgia Pacific.