Agha Group has bought the Grade II listed Onward Buildings on Deansgate, Manchester, from Mayer Investments for an undisclosed price.
It is the first time the property, which offers 11,669 sq ft of office and leisure space across five floors, has been sold in four decades.
The ground floor and basement are let to Topkapi and Rendition, 207 Dental Care occupies just over half of the first floor and the remaining circa 4,700 sq ft is vacant. Agha Group intends to convert the vacant space into flexible workspace.
Agha Sameer Anwar, CEO of Agha Group, said: “We are delighted to have added to our growing portfolio and established a footprint in Manchester city centre with the acquisition of Onward Buildings.
“It’s an attractive building with excellent core income and inherent upside potential. Once refurbished, the vacant accommodation will provide flexible suites at an attractive price point to meet occupational demand from smaller occupiers seeking a city centre presence.”
Dominic Evans, investment partner at Fisher German, which represented Agha Group on the deal, added: “Agha Group recognised the potential in this property and were able to move quickly to complete the acquisition. Their plans for refurbishment will produce quality office space providing an interesting opportunity for tenants looking for character space in the centre of Manchester.
“The size of suites will fit well with the resilient demand from smaller requirement occupiers, which make up a large proportion of the annual take up in Manchester. We are confident that Agha Group’s ownership will be the start of a prosperous new chapter in Onward Buildings’ history.”
Commercial Properties acted for Mayer Investments. Square One Law and Bexley Beaumont provided legal support.
