Represented by Avison Young, London-based real estate investment company Cervidae has bought the 54,000 sq ft One Didsbury Point office for £11m from Titanium Real Estate.
Occupiers at the office off Princess Road include Bouygues, IBI Group, Carrier Travel, Sapphire Systems, and Optegra. Around 5,000 sq ft remains in the building at a quoting rent of £20/sq ft.
London-based Cervidae also owns Mercia Square in Chester, and recently acquired three office buildings in Colmore Row, Birmingham.
A spokesperson for Cervidae said: “One Didsbury Point is a best in class asset, offering opportunity to increase value through its reversionary income and is a strong addition to our portfolio.
“We continue to look for further commercial property investments across the UK to support our strategy of purchasing well-located assets with potential for capital improvement and increased income generation.”
Titanium and Chenavari bought the building in a joint venture in May 2016, since which time a refurbishment project has been completed.
Richard Bousfield of Titanium said: “We executed our business plan as anticipated and having leased or re-geared leases on the majority of the building to deliver strong returns to our investors felt the time was right to pass the building on to someone else.
“We continue to remain active in the value-add commercial property market with our partner Chenavari.”
Titanium was advised by Metis Real Estate on the sale.