The 9,000 sq ft office and retail space was previously owned by Yorkshire Building Society.
Located at 15-17 Piccadilly and 7-9 Oldham Street in Manchester, the building will continue to be the home of Betfred and Five Guys. The burger chain has also signed a new 15-year lease with Thackeray Group.
Plans are already in place for Thackeray’s newest acquisition. The real estate investment, development and asset management company has submitted a planning application to change the first floor of the building from ancillary retail into residential apartments. That application was validated in May, although the sale only went through this month.
Thackeray said that if the application was successful, it would either carry out the development itself or sell it to a developer.
“This acquisition represents a strategic buy owing to its prime location,” said Giles Hoare, investment director of Thackeray. “It is located in a part of Manchester we are extremely excited about and know well, as we have existing holdings nearby.”
Hoare said Thackeray planned to add significant value to the property by repurposing the first floor to a higher value use class and through asset management initiatives.
PK3 advised Thackeray on the deal, while Colliers was the agent for the Yorkshire Building Society.