Manchester offices centre sells for £13.5m
A large, multi-suite office building close to Manchester Airport has been sold in a multi-million pound transaction announced today.
Property investments company Infinity LLP has purchased the Manchester International Office Centre (MIOC – pictured) for a total of £13.5m. Although the deal is not yet announced on their website it appears that Highcross were the vendors. Highcross purchased MIOC in January, 2008 in a £16.5m deal. Highcross undertook an internal refurbishment of the building and had planned to construct an additional floor at the rear of the building.
MIOC, located less than 1 mile from Manchester International Airport, is a 3-storey building within grounds of 6.5acres and offers approximately 93,000 sq ft of floor space. The building is divided into 42 office suites ranging in size from 450 sq ft up to 8,000 sq ft. Meeting room and conference facilities are also available for hire along with a manned reception desk and on-site cafe. Flexible, 12 month leases are available and rental prices are available on request. Current tenants include Federal Mogul and Franke.
Les Lang, property partner at Infinity, said: “The property’s prime location and high specification accommodation offers an outstanding opportunity to increase occupancy, and enhance value.” Infinity were supported on the transaction by Barclays Corporate. The purchase is not the only investment Infinity has made in the Manchester office market. In April, 2009 Infinity purchased a 50% share in 53 King Street, a 43,000 sq ft office and retail building, for a total of £6m.
Marketing agents for MIOC include WHR Property and Knight Frank.
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