Alliance Property Asset Management and joint venture partner NPV International have bought the O2 Ritz in Manchester from MCR Property Group.
The recently refurbished grade two-listed hall on Whitworth Street is let until 2036 to leading entertainment operator AMG. APAM and NPVI are believed to have paid around £3.5m for the 23,000 sq ft leisure asset.
The Ritz has hosted artists including The Beatles, The Stone Roses, The Smiths and Frank Sinatra and remains a popular gig venue.
Pete Owen of APAM commented: “The Ritz represents the second acquisition in Manchester following the acquisition of 60 Spring Gardens earlier this year and is part of a wider plan to build a portfolio of assets across the UK with NPVI. The asset is a well-known and successful venue in Manchester, located in one of the fastest developing parts of the city. Our strategy of investing into regional commercial assets across the UK alongside our diverse range of joint venture partners continues.”
APAM was founded in 2011 and has offices in Manchester and London.
Simon Marshall at Cushman & Wakefield advised APAM. Luke Wilson at CBRE acted for MCR.