Piccadilly Place
Credit: David Dixon (CC BY SA 2.0)

Piccadilly Place under offer to Longmead

Sarah Townsend

US alternative asset manager Ares Management is nearing a deal to sell the 320,000 sq ft Manchester office building for a price in the region of £150m.

Advanced talks are ongoing with Longmead Capital, a real estate investor that manages funds on behalf of family offices and high net-worth individuals.

The off-market sale is believed to be some months away from completion, however, with further negotiations and due diligence required in a challenging market.

Ares acquired Piccadilly Place in Manchester city centre from Carlyle Group for around £117m in 2016.

The asset is made up of Three and Four Piccadilly Place, which provide office and retail space, plus a three-storey basement car park.

The complex is fully let to occupiers including Barclays Bank, the NHS, Arup and serviced office provider Orega as the main tenants.

OBI and CBRE are the lettings agents for the building, while CBRE is also acting as investment advisor for Ares on the proposed sale. The property, which was never formally put on the market, is managed by Property Alliance Group.

London-based Longmead’s portfolio features other North West assets, including the 106,000 sq ft Trident Business Park near Manchester Airport.

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Awful development in what used to be a park, something Manchester needs much more of. It also turns it back on London Road Fire station and everything around it

By Dan

Dan, it’s not been a park in my lifetime.

By Derek

Demolish it and let the sunlight back in. It’s a gloomy space at the moment that creates a large wind tunnel and doesn’t serve purpose.

If they wanted to make it decent, they would move that bridge so that commuters can access the street to the south of the tram tracks and so they didn’t have to route along TfGM’s building, because it’s all too cramped.

Given they are doing Mayfield which I think is fantastic, this would be an ideal time to sort this out too.

By Anonymous

It’s fully let, so it’s not that awful for its owners

By Anonymous

This is a great asset managed which is managed to the highest quality ,

By James Mcdonald

Derek it was a park until 2004

It’s a great location for the station but a badly thought out development. It’s gloomy and has poor access routes for pedestrians in and out of the station. There is massive footfall through each day but none of this is directed near to retail units, so they all struggle

By Mancunian

There was no way that was ever a park! It was a small open space where all the street drinkers used to sit. Horrible area and this is a massive improvement. No issues with this development at all.

By Steve

Whether it was a park or not and irrespective of how the offices are managed, the external courtyard doesn’t work. More thought should have been put into pedestrian movement, views and scale of space, to encourage people to want to move through and dwell in the space. Who walks through there unless you work there or have a meeting to attend in one of the offices?

By Anonymous

I do. I work in town and cut through here to where i live behind the station.

By Steve