Investment firm acquires 70,000 sq ft Chester office scheme

Hermes Investment Management has snapped up One City Place in Chester.

The company acquired the 70,000 sq ft Grade-A office building from developer Muse Developments on behalf of Hermes Property Unit Trust.

One City Place, which launched back in January, is the first phase of the wider £120m City Place development.

The scheme forms part of Chester’s new Central Business Quarter, which Muse is bringing forward in partnership with Cheshire West and Chester Council.

Companies based at One City Place include business advisory firm RSM, legal practice Excello Law and energy consultants Power Solutions (UK).

Negotiations are currently underway for the last remaining space at the property, meaning it is effectively fully occupied.

City Place is part funded by a £4.8m development loan from the North West Evergreen Fund, along with a grant of £1.4m from the European Regional Development Fund.

GVA and CBRE are the site’s joint agents.

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