Leeds-based Town Centre Securities acquires Manchester office building for £9m

Property investor and car park operator Town Centre Securities (TCS) has acquired a 33,000 sq ft office building in Manchester for seven figures.

The Leeds-based company paid £9m for Ducie House, which includes a 63-space car park.

TCS has now exchanged contracts for the site with Manchester-based regeneration company Urban Splash, which previously owned the building and converted it from a petticoat factory to a loft-style workspace two decades ago.

Ducie House is located on the edge of the city’s Northern Quarter. It comprises 64 office and studio spaces ranging from 82 sq ft to 3,900 sq ft and boasts around 50 tenants, generating an annual income of £675k.

The deal marks TCS’s fifth in the area as it continues to invest in the regeneration of the wider Piccadilly Basin. TCS’ retail, commercial and residential schemes in the area include Urban Exchange, Carver’s Warehouse and Burlington House.

Edward Ziff, chairman and chief exec at TCS, said: “We’re delighted to have acquired Ducie House, an exciting development in a prominent location in Manchester, and it forms a key part of our investment and regeneration of Piccadilly Basin and the surrounding area.

“We believe the building will be a valuable addition to our existing assets at Piccadilly Basin and is directly opposite our next planned residential development, Eider House.”

He added: “We certainly see room for potential refurbishment, as well as the development of the car park.”