One of Manchester’s more prestigious and well-known office blocks has been sold by owners Europa Capital in a deal worth £75 million.
The One Piccadilly Gardens building has been acquired by Managed Property Fund (MPF), a part of Legal & General Property. MPF’s fund manager, Mark Russell, said the location complements the company’s existing portfolio.
Europa Capital’s Rob Sim, head of Northern Europe, has stated that the company is pleased with the success it has had from its investment in One Piccadilly Gardens over the past three years, which has seen it contribute to the value using proactive asset management.
The building was initially developed by Argent in 2003, with the office space also including a pavilion with a series of shops, bars and restaurants. Europa Capital first acquired the building in September 2011, and has seen it generate an annual rental income that surpasses £4.3 million.
As well as these amenities, One Piccadilly Gardens also boasts a basement and six floors of Grade-A office space. Manchester’s council is just one of the tenants to operate in this building, alongside Allianz Cornhill Insurance. The Manchester Evening News also utilises some of the office space, with the pavilion units being rented out by Pizza Express, Pret a Manger, and Caffè Nero.
The sale of the block was reportedly smooth, as both parties had legal advice. A team of experts from law firm Savills acted on behalf of Legal & General Property, whilst Europa Capital decided to represent itself.