Mount Street

derricksams's picture
Sunday, April 24, 2016 - 15:27

A vacant building in Manchester city centre, which has planning consent for a 17-storey office, has been bought for £13m.

The 48,160 sq ft, 24 Mount Street, sits next to the Midland Hotel and opposite Manchester Central - and used to be the home of subprime-lending specialist London Scottish Bank, which entered administration in 2008.

The property has now been bought by FORE Partnership, the pan-European real estate investment club for family offices and private investors.

FORE is planning to develop a highly-sustainable building, offering high-quality and flexible office space.

Basil Demeroutis, Managing Partner of FORE, said: “We are thrilled to have acquired a strategically-located, city centre office building in one of the UK’s most dynamic cities.

"This acquisition builds on our portfolio in the north west and is part of our view that the metropolitan revolution and devolution will drive growth in this part of the UK for some time to come.”

He added: “This is a great opportunity to deliver something very special, a space that connects with its surroundings and the buzzing community around St Peter’s Square and the Manchester Central Convention Complex.”

FORE acquired the property from Titan Investors.

Lambert Smith Hampton acted as FORE’s agents on the sale with Savills advising on the technical due diligence.

Zaman Roberts acted for Titan Investors. Debt finance for the purchase was provided by a fund advised by real estate credit manager Venn Partners.

Reference: 
http://www.manchestereveningnews.co.uk/business/vacant-manchester-city-centre-building-10601844