Parthena Reys has acquired the 365,542 sq ft One Hardman Boulevard in the heart of Spinningfields, Manchester, from NatWest Group (NWG) for an undisclosed price.
NWG recently consolidated its presence in the city into its newly refurbished building at 1 Spinningfields Square.
Parthena Reys intends to reposition the building, which offers the city’s largest Grade A floor plate of circa 40,000 sq ft, releasing newly refurbished workspace back into the supply-starved Manchester market.
Will Kennon, executive director in CBRE’s investment properties team, who led the transaction for Parthena Reys, said: “This acquisition represents a strategic, counter cyclical investment by our client, acquiring a Grade A building in the heart of Spinningfields, with a business plan to release newly refurbished workspace back into a supply-starved market in 2025.
“With new build development unviable at rents of below £50/sq ft, we are expecting existing best in class assets to experience strong growth over the next 12-24 months and look forward to working with our client on the repositioning and leasing strategy.”
Addleshaw Goddard advised on the legals for Parthena Reys. Cushman & Wakefield and DLA Piper advised NWG.
