Developer plans boutique office space following Manchester property acquisition

Hollins Murray Group (HMG) has expanded its property portfolio with the acquisition of 50 King Street in Manchester.

The Altrincham-headquartered developer purchased the freehold interest of the city centre building for an undisclosed sum from Northumberland Estates.

Located between the El Gato Negro restaurant and the Karen Millen store, the five-level property comprises a vacant 1,080 sq ft retail unit on the ground floor and a basement bar let to leisure firm Wood & Company. All three of the upper floors are currently vacant.

The empty ground-floor retail space was previously let to clothing retailer The Kooples.

HMG chief exec Nick Casson said: “We are delighted to have completed the purchase of another building on King Street at a time the street is improving rapidly.

“With the recent lettings over the last 12/18 months on King Street to the likes of Hobbs, Hawes & Curtis, El Gato Negro and Kheils amongst others, we are confident that we can achieve a letting of the ground and part first floor to a good quality retailer for Christmas trade this year.”

He continued: “We intend to invest a substantial sum converting the upper floors to boutique offices, accessed from South King Street, following our success at 54 and 56 King Street and we are confident that we will create great office space for SMEs looking for something beyond the norm.”

With the sale handled by property consultancy Lambert Smith Hampton, HMG has retained the firm to advise on the retail and office accommodation.

Lambert Smith Hampton director Jonathan Thompson commented: “Northumberland Estates decided to sell this asset as it was outside of their normal geographical area and investment profile and they thought that with the growing investor and retailer confidence in King Street that now was the right time to sell.

“HMG already owns property on King Street and has seen first-hand the resurgence the area is having, so they jumped at the opportunity.”

Canning O’Neil has been announced as a joint agent for the site’s office space.

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