The Ancoats-based developer has bought a cluster of shops and restaurants on Wilmslow Road from Abrdn, reflecting a net initial yield of 6.2%.
The 17,000 sq ft asset is let to occupiers including Croma, Slug & Lettuce, Tesco Express and Head of Steam.
The £6m deal marks the latest in a string of acquisitions over the last 18 months for Nathan Ezair’s Northern Group, following the purchase of other North West assets totalling in excess of £20m.
OBI and Zameero acted for Northern Group and Allsop acted for Abrdn.
Elsewhere, Northern Group is aiming to complete work on One Silk Street in the first quarter of next year.
The nine-storey development, being delivered in partnership with former Manchester City captain Vincent Kompany, will comprise 27,000 sq ft of serviced offices delivered by COLONY Cowork, alongside 75 apartments and a 10,000 sq ft residents-only roof terrace.
The company is known for its work around Ancoats, having delivered the 136-apartment Flint Glass Wharf and Jactin House, a 40,000 sq ft office scheme.
Alongside the acquisition arm of the business, Northern Group is now targeting the block management and lettings of both its residential and commercial developments across Manchester and the wider region.
A spokesperson from Northern Group said: “We’ve got an outstanding reputation for investing, developing, then managing our own portfolio, however we’ve recently unlocked a gap in the market to offer our services to clients, to provide a good-quality, reliable residential block management and lettings service.
“We are extremely proud to have been instrumental in helping Ancoats reach its potential and are heavily investing in both the area and the business itself to help the wider city thrive.”