The London-based investor-developer has added to its Manchester holdings with the purchase of 37-41 King Street from CBRE Global Investors for a price understood to be around £3.5m.
The vacant 13,000 sq ft block midway down lower King Street was previously home to Boots, which closed and then sublet to Google briefly, and recruitment agency Reed on the upper floors before it moved to New York Street. The building was sold with vacant possession.
Agents at Sixteen have been retained to draw up plans for an office refurbishment throughout, likely to include the former retail units on the ground floor.
CBRE GI obtained planning consent during the summer for an extensive refurbishment of the upper office floors.
Investream entered the Manchester market in mid-2018, buying Brook House at 64-72 Spring Gardens, since renamed Origin, from Lumina for around £7m. In the same year, Investream paid around £4m for Cavendish House, home to Sam’s Chop House, where it is creating new office space above.
Zaman Roberts advised CBRE GI. Investream represented itself.