Bruntwood has exchanged contracts to buy Commercial Union House, a 66,249 sq ft building on Albert Square, in Manchester city centre, from Aviva.
The building on the corner of Lincoln and Albert Squares facing Manchester Town Hall comprises basement and five upper floors, three self-contained ground floor retail units and 31 car parking spaces.
Bruntwood is understood to have paid in the region of £20m for the building, which is partly occupied by Aviva. The vendor only has a few years left on its lease and plans to vacate.
Bruntwood recently won a mandate with Manchester City Council to refurbish Heron House, opposite Commercial Union House at the entrance to Lincoln Square.
Peter Crowther, property director at Bruntwood, said: “We’ve been in the market to acquire and develop new office space in the city centre for some time now, to both meet the demand from new customers and also satisfy the needs of our expanding customers, whom are keen to stay with us as they grow.
“This building is perfectly situated for both work and play and will attract a whole host of forward-thinking businesses to, what is already, a vibrant area of the city.
“The flexible floors of circa 10,500 sq ft, will lend themselves perfectly to both single and multiple occupiers and we have exciting plans to completely redevelop the building, so that its innovative design-led workspace will be ready for occupation by the close of 2016.
“Our ethos for developing the building will be entirely focused on our customers needs. Helping them, through the design of the building and the technologies embedded within, to grow and prosper at what will become one of Manchester’s iconic addresses.”
Bruntwood was advised by Colliers International and Addleshaw Goddard. The vendor was advised by CBRE and Wragge Lawrence Graham.