St George’s House sold

WHR has sold the 50,000 sq ft St George's House in Peter Street, Manchester on behalf of GGM Properties for around £8.7m, to a private purchaser.

The off-market deal represents a significant increase in value, as clients of GGM bought the building from Scottish Widows for £5m in 2009.

The grade two-listed building is home to Pizza Express and Café Nero as well as office tenants AFL Architects and STA Travel.

Following the acquisition in 2009 the building received a comprehensive refurbishment of the office accommodation.

Dan Crossley, partner at WHR, said: "The property has performed exceptionally well under our client's ownership, however, following the departure of one of the tenants earlier this year the owners decided to capitalise on the current demand for city centre opportunities when they received an approach off market.

"The building still holds excellent potential, with the opportunity for further value enhancement on the letting of this vacant space. This deal was the result of a well-timed approach, which proved to be ideal for both the vendor and purchaser."

Savills acted on behalf of the purchaser.