OBI has agreed the sale of Fifteen on Quay Street for £6.5m on behalf of Ventor Group to undisclosed London-based investors.
The 21,500 sq ft, six storey building sits adjacent to Manchester’s premier office district, Spinningfields, and Enterprise City, the innovative new neighbourhood currently under construction.
Having managed the building since 2017, OBI undertook an extensive rebranding exercise on behalf of their long-standing client Ventnor Group. This rebranding programme saw Fifteen on Quay Street partly remodelled and refurbished to provide a contemporary double height feature entrance and reception area.
Scott Gemmell who heads up OBI’s Capital Market’s team, said “Our clients re-positioned the asset and enhanced rents since they purchased the building in 2017, to create a desirable multi-let asset.”
“We transacted on an off-market basis and we believe this is the start of a flurry of activity of new investors targeting city centre assets. Again, Manchester is showing its resilience and ability to attract new capital from a fresh source of investors.”
Christian Anderton, founder and chief executive officer of investment firm Haida, advised the purchaser.
Anderton commented “After OBI’s work on remodelling Fifteen on Quay Street, the building serves as an inventive, stylish and agile workspace that impressed the investors from the offset. The city centre location, when coupled with the resilience of the Manchester office market, made it more attractive as a prospect.”
The current tenants of Fifteen on Quay Street, Handelsbanken, a local relationship bank, and Bravura Solutions, a wealth management software provider, will remain as occupiers.
On the investment market in Manchester, Gemmell added: “This deal adds to the list of new entrants targeting Manchester offices. We strongly believe 2021 will be a busy year for city centre investment.”