PIN Property has acquired the 80,000 sq ft office complex off Earl Road in Cheadle for around £6m.
The property was owned by and has been home to chemicals company BASF for more than 20 years, but the company is relocating to Muse Developments’ 2 Stockport Exchange after signing a 21,500 sq ft at the end of last year.
The deal, which completed this month, will see BASF take two floors of the building, which has been developed through a joint venture between Muse and Stockport Council as part of the wider £1bn Stockport regeneration strategy.
German BASF has been operating in the UK since 1880, and supplies raw materials, such as agriculture, automotive chemicals, construction, energy and pharmaceuticals, to businesses.
Chris Mulcahy, director at JLL, which represented BASF in the leasing and acquisition deals, said: “Given that there has been very little new office development in South Manchester for around 15 years, there is minimal high-quality office stock available.
“We have had high levels of interest in this building throughout the sale period resulting in multiple offers. It was particularly satisfying to see this transaction go through so quickly and to work with a purchaser…who sees the potential in this strategically positioned building.”
Phil Meakin, leasing and development manager at PIN Property, said: ‘’We look forward to bringing the remodelled and refurbished building back to the market towards the end of the year. The new airport link road has dramatically improved this location and we are upbeat about the re-letting prospects going forward’’
Manchester law firm Kuits advised PIN Property on the transaction, while Gordons acted for BASF.