Novo adds to roster of South Manchester assets
The developer and investor has acquired the 16,000 sq ft Westgate House in Hale from Property Alliance Group.
Novo Property Group’s acquisition of Westgate House follows close on the heels of another South Manchester purchase – that of a six-screen Vue cinema and accompanying leisure units at Denmark Street in Altrincham from AEW Income Fund.
The Westgate and Denmark Street deals represent a £7m combined investment into South Manchester, according to Novo.
“The tide which turned on the commercial market has continued to present opportunities for us to expand our portfolio and cement our local market presence,” said Ben Fearns, managing director at Novo.
“High quality assets such as Westgate House, which also include value add potential through additional development, allow us to flex the versatility within the business to drive strong returns. PAG has proved to be an excellent custodian of the building, which we will continue, delivering a high-quality service and environment for its occupiers.”
Novo is now in the process of drawing up proposals to redevelop the land to the rear of Westgate House off Brown Street into a residential scheme.
Project 3 Architects, HBL Associates, and Eden Planning are advising on the plans.
The project would be Novo’s second on Brown Street having already delivered 22 homes in partnership with Trafford Council.