Wain Estates has completed the sale of two prominent office buildings in Preston city centre to TSS Property.
Norwest Court and Guildhall House, which were marketed together with a combined guide price in excess of £2m, offer significant redevelopment opportunities.
Norwest Court provides 24,229 sq ft of office space over eight floors and Guildhall House provides 20,423 sq ft over five storeys.
Paul Wrigglesworth, property director at Wain Estates, said: “The location of these two buildings on Guildhall Street, close to the main shopping street and Winckley Square, makes them an ideal candidate for high-quality redevelopment. However, given our current priorities, we are delighted to have secured a buyer that specialises in this type of project. While the buildings were available separately, we are pleased that both have been acquired by TSS Property.”
Tauseef Kantharia, chief executive officer of TSS Property, added: “We are pleased to announce the acquisition of two high-quality, income-producing office assets in Preston city centre from Wain Estates. The properties have been exceptionally well managed and maintained under Wain Estates’ long-term ownership.
“This strategic acquisition reflects our continued commitment to investing in Preston and enhancing the quality of workspace available in key city locations. Plans are already underway to upgrade and reposition the assets, with the goal of delivering best-in-class office environments that meet the evolving needs of modern occupiers along with a possibility of residential redevelopment for one of the buildings.”
Sam Beckett, from PK3, which alongside Robert Pinks & Co acted for Wain Estates, said: “A lively marketing campaign resulted in competitive bidding. We are delighted to have helped Wain Estates dispose of this non-core asset alongside Robert Pinkus & Co. We wish all the best to the new purchaser.”
Morgan Martin acted for TSS Property.
