Acting on behalf of a private client, the Capital Markets team at CBRE in Manchester has sold 100 Talbot Road in Old Trafford, Simpson Millar LLP’s largest regional office, to Quasar Real Estate, a Jolivet Group company in excess of the quoting level of £1.755m.
The 17,147 sq ft modern, five storey office building has prominent frontage on to Talbot Road within Old Trafford, and is located directly opposite the Emirates Cricket Ground and Old Trafford Metrolink. The property is single-let to Simpson Millar Solicitors, part of Fairpoint Group PLC and is operated as the firm’s largest office on a 10 year term from 2015.
CBRE’s research shows that the Old Trafford and South Manchester out-of-town office markets have proven to be incredibly resilient over the last five years with combined take-up for both markets standing at 700,000 sq ft for the last two years. Take-up in Old Trafford has increased by 50% since 2011 and nearby occupiers to 100 Talbot Road include Kellogg’s, United Utilities, Greater Manchester Police and Trafford Metropolitan Borough Council.
Luke Wilson, Senior Surveyor in CBRE’s Manchester Capital Markets team, commented; “We are pleased to have concluded the sale above the quoting level on behalf of our client. The property represented an excellent opportunity for the purchaser to acquire a modern, well-located office building leased to a successful and growing business in Simpson Millar.”
Simon Storer, of the Jolivet Group, commented; “100 Talbot Road fits well into our already impressive portfolio, through JPM we will endeavour to forge a close relationship with Simpson Millar to ensure longevity of their occupation, we are continually seeking opportunities of this nature”.