A joint venture between Urban Splash and Pears Group has acquired the 46,000 sq ft Office Village at Exchange Quay from Columbia Threadneedle, for in excess of the £4m asking price.
The acquisition of Office Village takes the JV’s portfolio to almost one million sq ft of office space.
Urban Splash will now refurbish the building, which overlooks the Manchester Ship Canal, to bring it in line with the rest of its commercial portfolio.
The company said it was meeting with architects to work up plans for the office, to improve the development before marketing the 50% vacant space.
Nathan Cornish, director at Urban Splash, said: “I am thrilled we were able to act fast and add another great asset with loads of potential to our portfolio with Pears.
“Our JV partnership which owns and manages thriving commercial assets goes from strength to strength; we are fortunate to have access to substantial funds to acquire assets for cash, along with a great team and quick decision making culture that can move quickly when we identify an asset we like. We can’t wait to get stuck into refurbishing the scheme and offering workspaces in an exciting commercial area.”
According to Urban Splash, the deal was concluded in five working days.
Dan Crossley, partner at WHR, acted on behalf of the partnership: “The speed of this purchase underlines the confidence that Urban Splash and Pears, two very experienced investors, have in the property market post Brexit. Completing in such tight timescales shows how decisive investors with conviction can drive deals through, something recognised by the vendors who chose the JV the over other potential bidders.”
Other Urban Splash acquisitions in the past year include the former Regiment pub in Castlefield, Phoenix Mill in Ancoats plus sites in Walsall, Salford and the Civic Centre in Plymouth.
WHR acted for Urban Splash and Pears, while Metis acted for the vendor.