Yorkshire property company Wilton Developments has made its central Manchester debut with the acquisition of Spring House on Fountain Street and York Street from Peninsula & Century Properties.
The sale price was unconfirmed but is believed to have been less than the asking price of £5.5m, reflecting the short-term lettings policy in the 25,000 sq ft building, occupied by AXA Insurance. The building is arranged over ground and six other floors and has basement car parking.
James Scott at Wilton said: "We have been waiting for the right investment property to come to the market in Manchester city centre to complement our existing portfolio in the North West. We believe we can bring our experience and knowledge of similar properties to enhance the attraction for tenants whilst considering our future options for this high quality product."
Peninsula & Century Properties were represented by Whitaker Horton. OBI represented Wilton.