Colliers International have advised Schroder Real Estate Investment Trust, on the purchase of Manchester's landmark City Tower for £132 million from Bruntwood Estates, which was announced today.
City Tower provides 615,429 sq ft of office, retail, leisure and hotel accommodation on a three acre island site including 456 car parking spaces. It is located in a prime location within Manchester’s CBD with frontage to both Piccadilly Gardens and New York Street. The property is held on a long leasehold basis from Manchester City Council with 218 years unexpired at nil rent. Vendor, Bruntwood Estates bought the freehold in the 222,683 sq ft of offices, known then as Sunley Towers, from Piccadilly Plaza Ltd Partnership for £65m in 2003 and has subsequently developed out a mixed-use scheme.
It was only a month ago that we announced that we had been appointed to advise on the UK’s biggest regional redevelopment project, the £800 million NOMA scheme in Manchester City Centre; which shows that our investment in growing our transactional teams is paying off quickly.