A period office building near Manchester's HOME arts complex has been sold to a private family trust by Aviva Investors.
Merchant Exchange, on Whitworth Street West, had been on the market for £7.25m. The final sale price is not being revealed.
The six-storey 25,821 sq. ft, six storey building, sits immediately opposite First Street and HOME, backing onto the Rochdale Canal. Knoght Frank, which represented Aviva, said it "provides for characterful offices suites with period features".
It is currently multi-let to a variety of tenants including BIMM, Curtins, Gardiner & Theobold and Ambition. It currently has two vacant floors totalling 8,204 sq. ft, providing for what Knight Frank called "a rolling refurbishment opportunity, to move rents forward".
Paul Andrews of Fletcher King, who represented the buyer, said: “We are delighted to acquire this investment for a long standing family trust client in this iconic location in Manchester and look forward to developing the asset to provide exceptional space for our tenants."
Knight Frank’s Craig Barton, who represented Aviva Investors, said: “Merchant Exchange is a popular office, in a good location and ordinarily our client would have liked to have held onto it, given their belief in and commitment to the city of Manchester.
“However, the office is on the small side given Aviva’s large scale investments elsewhere in Manchester and we are delighted to transact the opportunity to an investor who also believes in Merchant Exchange and we wish them well taking the building.”
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