TriOffice, the office investment arm of Tri7 Group, has acquired an asset in Manchester in a joint venture with The Pears Group, marking TriOffice’s first investment since being set up in September 2024.
The deal, in which TriOffice co-invested alongside Pears, was acquired from a UK institutional vendor. 55 Spring Gardens is a 5,145m2 prime freehold office building arranged across the ground and nine upper floors, located on the corner of Spring Gardens and Fountain Street within Manchester’s central business district. The asset is multi-let to a strong mix of tenants including Clarke Willmott, SysGroup, and CAF Rail.
The asset, which has undergone two major refurbishments in the past decade by its previous institutional owners, benefits from excellent natural light from three elevations, offers suites of between c. 96.9m2 and c. 653.4m2, and already benefits from an EPC B rating. The scheme also features a large basement with 18 car parking spaces, showers and secure bicycle storage.
The acquisition is the first as part of Tri7 Group’s new office investment business, TriOffice, which recently appointed Ben Beck as Managing Partner. In line with the wider strategy, TriOffice and Pears will embark upon a rolling refurbishment and asset management programme on 55 Spring Gardens, with the expectation that there will be capital market recovery for best-in-class, highly amenitised, regional office assets over the next five years.
Samuel Castle, Founding Partner at Tri7 Group, said: “We set up TriOffice last month to capitalise on value-add opportunities within the office sector. We believe that the scarcity of high-quality office stock, combined with the occupational resilience that has been witnessed in the major regional office markets, will lead to strong performance for those who upgrade and reposition prime-located office stock at this point in the cycle. For an opportunistic and agile investor like Tri7, we believe now is the right time to deploy capital into the sector and 55 Spring Gardens is a great example of the type of schemes we’re looking at across the UK. We are delighted to be working with The Pears Group on our maiden acquisition into the TriOffice strategy.”
Jonathan Rose, Group MD of The Pears Group, said: “We are delighted to have formed a Joint Venture with Tri7 and their team, deploying capital into such a well-located asset.”
Knight Frank advised the vendor.
Craig Barton, investment partner at Knight Frank, said: “This was a fantastic transaction to be involved with and our team is delighted to have helped our client with their exit, at competitive pricing. We would also commend the buyer for their performance in concluding this deal, and look forward to seeing their plans to take 55 Spring Gardens onwards.”
Image provided by SECNewgate.
Europe Real Estate — an overview of real estate developments in European countries.
