Candour has acquired the 41,000 sq ft, eight-storey 39 Deansgate mixed-use retail and office building in Manchester City centre for an undisclosed price from Aegon Property Income Fund. The building was being marketed with an £8m guide price.
In January 2022, Sheppard Robson architects in conjunction with CBRE’s planning team, obtained planning consent to redevelop the 1960s property to provide a new mixed-use, workspace-led scheme of 200,000 sq ft over 17-storeys.
Toby Pentecost, co-founder at Candour said: “39 Deansgate is a 100% prime development site within Manchester’s city core market. With a planning consent in place it gives Candour the opportunity to deliver a brand new best-in-class Grade A office development.
“Candour will be working with the incumbent design team and with Manchester City Council, to deliver a series of optimisations to the consent to ensure that the building is the most efficient and sustainable use of this gateway site. Candour has a track record for creating and refurbishing buildings with a high-performance in energy efficiency and sustainability and we look forward to working in Manchester to offer occupiers a highest-quality workspace with peerless ESG profile.”
Candour represented itself in the transaction, with Acuity Law acting on the legals. The vendor was advised by CBRE Manchester, with Trowers & Hamlins acting on legals.
