Henry Boot Developments has bought the 28,500 sq ft building on the corner of St Ann’s Square in Manchester from New Ireland Assurance Company, which was on the market with a price tag of £12.5m.
The corner site houses several retail tenants including jewellers Ernest Jones and David Robinson, which will remain in the building.
Three upper floors, previously occupied by Habitat, are currently vacant and are being considered by Henry Boot for a number of uses.
The building which was originally offices, dates back to the late 19th century and is in the St Anne’s Square conservation area.
Adam Brady, director for Henry Boot Developments, said: “We’ve always loved this building so we were excited to see it come to the market. The building has so much potential and now we have the opportunity to do something special here. Working with historic buildings comes with a unique set of challenges which can deter some developers, but for us this is what we know and what we do best.”
The acquisition further broadens Henry Boot Developments’ portfolio in the city core, which now includes the Silk Works in Spinningfields, The Courthouse on Deansgate, and the £250m Kampus joint venture with Capital & Centric.
Christopher Dee acted on behalf of Henry Boot Developments, and Cushman & Wakefield represented the vendor.