Castlefield Chapel sold for £2.9m

Boultbee Brooks has sold The Chapel in Castlefield, Manchester to Shirestone Estates after holding it for less than a year.

The 12,000 sq ft grade 2-listed period building is occupied by Pannone Corporate LLP, which broke away as a start-up when Pannone was sold to Australian legal giant Slater & Gordon in 2014. Pannone Corporate LLP has a 10-year lease with a tenant break at year five.

Boultbee Brooks acquired the asset from M20 Property Group as part of a £16m portfolio that included two buildings with development potential on Mosley Street. The Chapel was seen as a dry asset with little scope to add value and was marketed almost as soon as the portfolio was acquired.

Knight Frank acted for Shirestone Estates and OBI Property acted for Boultbee Brooks.