DevSec completes £48m sale of Peninsula

The Done brothers' Rainy City Properties has taken formal ownership of the new office building in Manchester's Green Quarter for their employment law business.

The deal marks practical completion of the 12-storey block totalling 147,000 sq ft by Development Securities. Peninsula Business Services intends to sub-let floors 7-12, comprising 69,492 sq ft, at the landmark building opposite Victoria Station.

DTZ advised Peninsula on the deal and has been retained as letting and management agent. DTZ said the deal was the largest ever purchase by an owner occupier in Manchester city centre.

Peter Done, managing director of Peninsula, said: "We are really excited about the move and are looking forward to entering our new home in the city centre. We see the move into this landmark building as a positive step for both the business and our staff and look forward to being based there for many years to come."

Peninsula Business Services are shortly to begin their fit-out of the new building with the intention of taking occupancy in March 2010, whilst the upper floors are now completed to developers' Cat A standard.

Whitaker Horton acted for Development Securities in the disposal of the freehold.