Acting for the Wesleyan Assurance Society, Cushman & Wakefield has sold 1 City Road in Manchester to CDP, part of Yorkshire-based Marshall Group, for a price understood to be around £10m.
The 49,000 sq ft building occupies a 1.3-acre site across from First Street at the city centre’s southern gateway, close to other major development projects such as Axis and the proposed Inhabit residential tower.
Current tenants include Gazprom, which took 17,000 sq ft ahead of its 40,000 sq ft First Street move, Kay Johnson Gee and housing association First People.
Rob Prescott, associate at C&W, said: “Following the delivery of high quality office space and associated amenities at First Street, the immediate environment has improved dramatically.
“As a result occupation demand has increased and we have been very successful leasing the vacant accommodation, and 1 City Road is now largely occupied. CDP were appreciative of these facts and performed quickly to secure the opportunity.”
The deal is for a long leasehold, the freehold on the site being owned by Manchester City Council.
CDP is part of the Yorkshire-based Marshall Group.