One Angel Square sold to Middle Eastern investor for £140m
Co-op’s 330,000 sq ft Manchester headquarters has been bought for £70m less than the vendor had originally wanted when it hit the market in spring 2022.
A Middle Eastern investor has acquired One Angel Square from a special purpose vehicle made up of RREEF Investment GmbH, part of Deutsche Bank, and Bedell Corporate Trustees, a Jersey Property Unit Trust, for around £140m.
The SPV put the office up for sale in June 2022 with a guide price of £210m. The asking price was then reduced to £165m 12 months later.
The £140m paid for the building is just shy of the £142m the SPV acquired it for a decade ago.
ADS Real Estate advised the buyer and CBRE acted for the vendor.
All parties declined to comment.
One Angel Square is 15 storeys tall, not including its basement. It is capable of subdividing each of its floors to create suites from 3,000 sq ft to 29,000 sq ft in size.
Amenities include south-facing roof terraces and an auditorium. The building also boasts a coffee shop, gym, fitness studio, restaurant, and onsite convenience store.
Designed by 3DReid, the building boasts an Outstanding BREEAM rating and an A+ Energy Performance Certificate.
Built in 2012, One Angel Square also has 146 car parking spaces and 105 spaces for cycle storage. There are also EV charging points on site.
It is under a single FRI lease to The Co-op for 25 years, with the deal expiring in February 2038. In December 2021, the Co-op revealed its intention to sublet 74,000 sq ft in the building, recruiting Avison Young to market the space.
Topped-up rent in the building is £11.6m a year and is forecasted to rise to £12.3m a year after a five-year review this year.
This is very close to Angel Meadow that is located on the site of the former St Michael’s Church which was once described as “the ugliest church in Manchester ” the site and area has a rich historical heritage. The church was demolished in 1935; however, some grave stones from the churchyard remain. The Angel Meadow, lower section, of the site became the largest pauper burial ground in Manchester; it is estimated that 40,000 poor people were buried here between 1788 and 1816.
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