L&G adds to Piccadilly holdings

6 October 2014 09:37 Comments (0)

The Travelodge-anchored corner block in Piccadilly Gardens is under offer to Legal & General for a reported £23m.

19-31 Manchester Piccadilly is being sold by Associated Property Investors. The property is let to a 5,000 sq ft Morrisons M Local, a 5,000 sq ft Nandos, and a 6,750 sq ft Zizzi on the ground floor. The 157-room hotel opened this year, after the owner secured a £20m redevelopment funding agreement with HSBC.

The building was the site of the Woolworths fire in 1979, and was previously occupied by a Noble amusement arcade.

A spokesperson for API confirmed that the building was under offer.

L&G bought the nearby 167,000 sq ft One Piccadilly Gardens from Europa Capital in July in an off-market deal, for around £75m. The building has six floors of office space, with shops and restaurants on the ground floor.

API is represented by JLL.