CBRE’s Investment Properties team in Manchester has successfully advised Parthena Reys on the strategic acquisition deal of the 365,542 sq ft One Hardman Boulevard, Manchester’s largest office building, in the heart of Spinningfields. Investment company Parthena Reys has acquired the landmark building from NatWest Group (NWG), for an undisclosed figure following NWG’s recent consolidation into their newly refurbished building at 1 Spinningfields Square, and plans to reposition the scheme, releasing newly refurbished, best in class workspace back into the supply-starved Manchester market by end 2024.
The modern office building provides the city’s largest Grade A floor plate of c40,000sq ft, which is inherently flexible both vertically and horizontally, and capable of accommodating occupiers seeking 10,000 sq ft upwards. Accommodation is spread over nine floors with ground floor retail and is situated in the internationally renowned Spinningfields, one of the most successful urban developments in the UK, which has become a destination of choice for the region’s financial, professional and business services industry sectors.
The vision for One Hardman Boulevard is to reincarnate the building into a world-class, flagship Grade A office development with market-leading ESG credentials, capitalising on occupier trends of higher take up in best-in-class assets and rental premiums for leading green buildings. Parthena Reys will announce further details on the planned refurbishment work in early 2024.
Will Kennon, Executive Director at CBRE’s Investment Properties team who led the transaction commented;
“This acquisition represents a strategic, counter cyclical investment by our client, acquiring a Grade A building in the heart of Spinningfields, with a business plan to release newly refurbished workspace back into a supply starved market in 2025. With new build development unviable at rents of below £50psf, we are expecting existing best in class assets to experience strong growth over the next 12-24 months and look forward to working with our client on the repositioning and leasing strategy.”
Addleshaw Goddard advised on the legals for Parthena Reys, with Cushman & Wakefield and DLA Piper advising NWG.