The developer and investor has purchased the headquarters of technology firm Maginus Software Solutions at Roundthorn Industrial Estate for an undisclosed sum.
The 20,000 sq ft office building is fully let to Maginus. While the value of the deal was not disclosed, the company said it represented a 15% net initial yield. The vendor was an unnamed private investor.
Roundthorn Industrial Estate is located next to Wythenshawe Hospital, just south of Roundthorn Business Park and close to the M56 in Wythenshawe, South Manchester.
Agency Carrick Real Estate represented the vendor and Avison Young acted for Hurstwood Holdings. Investment bank Rothschild & Co provided the funding for the deal and Gateleys Solicitors was Hurstwood’s legal advisor.
Stephen Ashworth, chairman and chief executive of Hurstwood, said: “This was an excellent investment opportunity for us and makes a great addition to our long-term portfolio.
“The HQ building is situated in an area of Greater Manchester that continues to benefit from significant investment and attract businesses due to its strategic location close to the motorway network and Manchester Airport.”
The deal is the latest North West acquisition for Manchester-based Hurstwood, which last month bought the 9,000 sq ft Transaction House, a hybrid office and warehouse building near Blackpool Airport.