Alinor Capital Management (Alinor) and Oval Real Estate (Oval) have acquired the 167,000 sq ft 1 Tony Wilson Place office building in Manchester from a client of Aberdeen.
This building, which was acquired in an off-market deal for an undisclosed price, is located on First Street in the Southern Gateway district of the city.
In partnership with Oval as its operating partner, Alinor intends to undertake a comprehensive £34m refurbishment of the building, which was completed in 2008, delivering new retail, office and amenity space across seven floors.
Upon completion, the building will feature a modernised reception and central atrium, a dedicated business lounge for corporate events and presentations, a state-of-the-art gym and wellness facility, and an exclusive roof terrace. The refurbishment programme is expected to run for approximately 18 months.
Michael Sutton, co-founder and partner at Alinor, said: “Combining our investment expertise with Oval’s operational acumen underpins our confidence in the building’s re-emergence as a highly attractive office asset in a resilient local market with limited comparable supply.”
Will Parry, chief investment officer at Oval, added: “We are delighted to have secured the acquisition of 1 Tony Wilson Place, reinforcing our confidence in Manchester as a leading UK commercial centre. Our plans will deliver a high-quality, Grade A office through a comprehensive refurbishment, creating a modern, sustainable workspace aligned with the needs of today’s occupiers. We look forward to relaunching the building in 2027.”
