A 33,000 sq ft office building located on the fringe of Manchester’s Northern Quarter has been bought for £9m.
Town Centre Securities (TCS), the Leeds-based property investor and car park operator, is behind the acquisition of Ducie House, which also comprises a 63-space car park.
Contracts have been exchanged between TCS and Urban Splash, the regeneration company which who converted the building from a petticoat factory into loft-style workspaces two-decades ago.
The deal will be TCS’s fifth in the area as it continues its investment in the regeneration of Piccadilly Basin. The business has a mixture of retail, commercial and residential developments in the area, including Urban Exchange, Carver’s Warehouse and Burlington House, with a focus on further developing the south-eastern side of Great Ancoats Street as a link to the city centre.
Ducie House is made up of 64 office and studio spaces which have been occupied by the likes of 808 State, ANS, UK Fast, Ask Developments and Ear to the Ground. There are approximately 50 tenants based in the building at present.
Edward Ziff, chairman and chief executive of TCS, said: “We’re delighted to have acquired Ducie House, an exciting development in a prominent location in Manchester, and it forms a key part of our investment and regeneration of Piccadilly Basin and the surrounding area.
“We believe the building will be a valuable addition to our existing assets at Piccadilly Basin and is directly opposite our next planned residential development, Eider House. We certainly see room for potential refurbishment, as well as the development of the car park.”