Posted 6 January, 2014 OBI NEWS
OBI Property is delighted to announce completion of two major investment deals at Spinningfields. Acting on behalf of developer Allied London, OBI has successfully sold No 1 Hardman Street and Tower 12 in separate deals valued at £30M in total.
OBI initially advised on the pre-letting of the new five-storey office in Hardman Street to MediaCom which is currently under construction to be ready for occupation summer this year and this was sold to Charles Street Buildings Group.
Tower 12, the refurbished and extended former Manchester House, has been acquired by CBRE Global Investors. The building has offices above restaurants and let quickly to occupiers including Capital Properties, app maker Great Fridays, Pro Manchester, Montagu Private Equity and Lincoln House Chambers.
Will Lewis of OBI Property who advised Allied London said: “We are delighted to see both projects through to the end. We worked with our client from the inception of both schemes and advised on refurbishment, design, project management and leasing.”
Mike Ingall, Chief Executive of Allied London, said: “We’ve continued to successfully invest in and develop Spinningfields during the economic downturn and these latest developments have been great additions, cleverly and effectively executed. They have opened up new markets that we will now build on, recycling our equity to expand the estate further.
“We are now ready for the next stage in the business district’s evolution and are due to commence development of the Cotton Building next spring on a speculative basis. A planning application for No 1 Spinningfields will also be submitted soon. This will be a 260,000 sq ft building in Hardman Square. Again in the spring, we will also be launching more innovative, new concepts in workspaces and a world-leading leisure and dining offer that will help take the whole city up a gear.”