Northern Quarter block sold to Aegon
Urban Splash has sold the mixed-use Smithfield building in Manchester's Northern Quarter to fund manager Aegon for an undisclosed sum.
Smithfield was put on the market earlier this year with a £6.5m price tag. A sale at this price would represent an 8.8% yield.
The 0.6-acre island site on Oldham Street has 39,000 sq ft of retail and leisure space over 21 units on the ground floor and basement, and 64,435 sq ft of residential over 81 flats.
Smithfield is made up of five Victorian buildings that originally housed the department store Affleck & Brown. They were interconnected as part of a redevelopment by Urban Splash and architect Stephenson Bell in 1995.
The retail and leisure units are fully let. Tenants include Piccadilly Recordings, Forbidden Planet, Superstore and North Tea Power Café. The block is next to indoor market Afflecks.
Tom Bloxham, managing director at Urban Splash, said: "Smithfield is a great success and another building where Urban Splash's work has been successfully done.
"When we first bought the building it was a ruin, it was not in the best condition and I am proud of how we have since successfully redeveloped it, sold off all of the residential units, fully let the commercial units to a range of occupiers and helped it become the flagship building in what is now Manchester's Northern Quarter."
WHR and Lewis & Partners acted for Urban Splash as selling agents. Kames acted for Aegon.
The end of an era. I remember standing in the derelict department store with rain pouring through the roof and Tom having a vision that no-one else had.
By Property Runner
It must be good to have been there at the start. In a minor way, working with CMDC I saw transformation of 52 Sackville St., and what is now the Rain Bar building. Smithfield was a game-changer tho’.
By ChesneyT
Maybe now he can finish off Chimney Pot Park which has been left in a state for a number of years
By MancLass
@MancLass Unlikely since US has finally been shown the door by Salfird Council and replaced by Great Places.
By Anon