Portsmouth Council acquires investment property in Manchester

Portsmouth City Council has acquired an investment property in Manchester city centre.

CBRE Global Investors secured the simultaneous exchange and completion of the sale of Queens House, a recently refurbished office complex on Queen Street.

The building comprises 22,194 sq ft of accommodation across six upper floors and a ground-level retail unit.

Five of the six office floors are fully et to a mix of professional occupiers.

Following its makeover, the property is poised to benefit from ongoing commercial-led development at nearby Lincoln Square.

John Clark, director at CBRE Global Investors, said: “The property was purchased as an opportunity to add value through refurbishing and repositioning the asset.

“The refurbishment provided unique city centre space with exposed services that has appealed to the growing number of tech and media companies located in Manchester.”

He added: “This sale brings the business plan to a successful close with the holding having produced strong returns for our client.”

Will Kennon, senior director of CBRE’s Manchester-based investment properties team, commented: “This prime office investment attracted more than 10 credible offers to purchase the property ahead of the quoting level.

“We ultimately chose Portsmouth Council who performed in exemplary fashion reaching exchange and simultaneous completion within the 15 days time period agreed at the outset of the transaction.”

“In light of the development and improvement of Lincoln Square, including 125 Deansgate, Brazennose House and Heron House, Queens House has excellent potential for Portsmouth City Council to benefit from increased rental and occupier demand in the medium term.”

CBRE Manchester represented CBRE GI in the deal. Scott Gemmell, director in property consultancy Lambert Smith Hampton’s Manchester capital markets team, represented Portsmouth City Council.