Parthena Reys has bought a landmark Manchester office building from NatWest and plans to refurbish and promote the building in 2024.
The bank sold the 365,542 sq ft One Hardman Boulevard scheme in Spinningfields after consolidating its Manchester operations into its newly refurbished building at 1 Spinningfields Square.
Luxembourg-based Parthena Reys, which was advised by CBRE’s Investment Properties team in Manchester, says it plans to “release newly refurbished, best in class workspace back into the supply-starved Manchester market by end 2024”. The value of the deal has not been disclosed.
It says the building offers the city’s largest Grade A floor plate of around 40,000sq ft, with accommodation spread across nine floors and retail at ground level.
Parthena Reys said: “The vision for One Hardman Boulevard is to reincarnate the building into a world-class, flagship Grade A office development with market-leading ESG credentials, capitalising on occupier trends of higher take up in best-in-class assets and rental premiums for leading green buildings.”
Will Kennon, executive director at CBRE’s Investment Properties team which led the transaction, said: “This acquisition represents a strategic, counter cyclical investment by our client, acquiring a Grade A building in the heart of Spinningfields, with a business plan to release newly refurbished workspace back into a supply starved market in 2025. With new build development unviable at rents of below £50psf, we are expecting existing best in class assets to experience strong growth over the next 12-24 months and look forward to working with our client on the repositioning and leasing strategy.”
Addleshaw Goddard advised on the legals for Parthena Reys, with Cushman & Wakefield and DLA Piper advising NatWest.
