Cording Real Estate Group, the Northern European real estate investment and asset management firm, has acquired the freehold of a prominent office complex in Salford Quays, Manchester. The acquisition has been structured in a joint venture with HIG Capital International Advisors, the US private equity group.
The asset was acquired from a private investor client of Knight Frank. The quoting price was £35 mln (approx. 50.2 mln).
The complex, called The Anchorage, comprises 218,800 ft² (approx. 20,300 m²) of office space in four self-contained buildings, as well as a 777-space multi-storey car park. The four buildings are fully let at an average rent of £14.40/ft² (approx. €221.9/m²). Anchorage 1 and 2 are let to Muse Developments, and Anchorage 3 and 4 are let to BUPA Investments.
The Anchorage is located at the gateway to Anchorage Quay and has views over the water to MediaCity, which is the new home to the BBC.
Source: Cording Real Estate Group