PATRIZIA UK have announced the acquisition of the 85,000 sq ft Linley House on Dickinson Street for £12m.
Meanwhile, Patrizia have announced plans for a new £75m 173,600 sq ft office building at First Street
This follows the company’s debut acquisition in Manchester in May after it purchased the 20-acre £500m First Street site from Ask.
The nine-storey Linley House is just under 95% let and provides refurbished Grade A office space to high quality occupiers such as Electricity North West, property conveyance business My Home Move, and London School of Business and Finance, producing a combined passing rent of £890,000 per annum.
Rob Brook at Patrizia UK said: “Manchester continues to generate excitement in the office market. Patrizia UK has always been interested in assets that offer the opportunity for driving rental growth and place making through active asset management, and on the verge of prime Linley House marks the ideal next step into the Manchester office market.”
James Porteous, capital markets director at JLL, said: “We have seen a range of institutional investment into refurbished accommodation and there continues to be a strong occupational demand which will undoubtedly generate significant rental growth for high quality assets across the city.
“The building is occupied by a strong mix of tenants and has genuine reversionary lease potential. In addition the Oxford Corridor improvements and extension of the prime office core at St Peters Square will also add to Linley House’s existing prospects as a city centre asset.”
Meanwhile, Patrizia have announced plans for a new £75m 173,600 sq ft office building at First Street.
(image credit: urbanedgearchitecture)
