Award-winning developer, Allied London, has sold Spinningfields (Manchester) buildings No. 1 Hardman Street and Tower 12 in two separate deals with a total value in excess of £30 million.
No. 1 Hardman Street, the five-storey block mid-way through construction for occupancy by Mediacom in 2014, has been purchased by Charles Street Buildings Group (CSB). Allied London applied for, gained planning permission, pre-leased to Mediacom, commenced construction and has now sold the building in just 12 months.
Tower 12, was created by Allied London to provide an alternative product for Spinningfields and very quickly attracted different sectors of industry in response to emerging new business sectors. The building was completely let in three months and includes retail and leisure, with three of the operations – Manchester House, Neighbourhood and Artisan – creating a new style and level for restaurants in Manchester. The office tenants include innovative property management business Capital Properties, app maker Great Fridays, Pro Manchester, Montague Capital and Lincoln Chambers, who radically changed their work practices to suit the building.
Tower 12 has been acquired by a fund managed by CBRE Global Investors. OBI acted for Allied London and CBRE acted for the purchaser.
Commenting on the sale, Michael Ingall, CEO of Allied London said: “We’ve continued to successfully invest in and develop Spinningfields during the economic downturn and whilst small, 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 Number 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.”