MCR Property Group has exchanged contracts to purchase Hotspur House, a 19th-Century mill in Cambridge Street, Manchester, for around £2.5m.
The 56,000 sq ft five-storey warehouse was formerly used as a cotton mill, before being taken over by printing company Percy Brothers. The building was used as a printing shop until 2011.
The warehouse currently provides studio space for artists and musicians.
The building was sold by Liam Westaway, a director of Percy Brothers.
Hotspur House is near to the Macintosh Mills redevelopment, opposite a 280-apartment scheme which is currently under construction by Renaker Build.
Nick Lane, asset manager at MCR Property Group, confirmed the purchase and said: “This is a fantastic building in a great location, and the options are open. We are pleased to have acquired in our home city and are extremely excited about moving forwards.”
The area around Hotspur House could be affected by a compulsory purchase order as part of Network Rail’s extensive works at the nearby Oxford Road Railway Station. MCR said that it was proposing to work with Network Rail on the future of the site.