Vantage Point sold for £19.9 million19 Nov 2013
Manchester law firm Kuits Solicitors have advised Manchester property investment company Hardman Estates Limited on the sale of Vantage Point on Hardman Street in Spinningfields.
Kuits had previously acted for Hardman Estates in the acquisition, development and letting of the property which, notwithstanding the recession, has been well received by the market.
Lothbury Property Trust Limited who have bought the property for £19.9 million were advised by Wragge & Co in London. Following a period of active management by the sellers, assisted by Will Lewis of OBI Property, the 50,000 sq ft building had been let to tenants including Allied Irish Bank, international financial recruiter Oliver James Associates, legal recruiter Sacco Mann, private equity funders North Edge Capital LLP and property management firm 25 Moorgate Limited. Kuits advised on the leases.
The transaction was led by Steve Eccleston, managing partner, and commercial property associate Chris Hardy at Kuits. Steve said: “This was a complex deal in relation to which Chris and the rest of the team performed excellently, working closely with both the client, Simon Wood of B8 Real Estate and the buyers’ solicitors.”
Chris Hardy continued:
“Vantage Point is one of the more recent developments in the heart of Manchester’s newest financial and professional area. The sale of the property, which comes at the end of a process of positive management by Hardman Estates, adding value in difficult market conditions. It is an excellent long term investment for Lothbury and its sale reflects the continuing attraction of Manchester as a commercial centre. We’re delighted to support Hardman Estates and to have worked closely with them on this deal.”
Simon Wood of B8 Real Estate advised in relation to the property.