Northern Group has completed its third major Manchester office purchase this year with the acquisition of the 88,700 sq ft Siemens building, located in the southern suburb of Didsbury.
No price is being disclosed for the building, which was returned to the market by CBRE without a guide price in May. It had been listed for sale in 2022 for £8.9m, but no buyer was found.
Siemens will continue to occupy the building via a lease for a minimum period of two years.
Known officially as Sir William Siemens House, the building is one of Manchester’s best-known office developments as it sits on a major arterial route linking the city centre with the M56. It is set within a seven acre site which also includes 344 car parking spaces, giving it significant development potential which Northern Group plans to explore.
It is the third high-profile purchase of the year for Northern Group, following its acquisitions of 76 King Street and 19 Spring Gardens, both located in Manchester city centre. It marks a further expansion beyond the company’s traditional home of Ancoats, where it owns One Silk Street, Ice Plant and Jactin House.
Northern Group chief operating office Paul Dobbs said: “We have worked hard to bring the Siemens site inside our growing property portfolio and are delighted with this latest acquisition for Northern Group.
“The Siemens building sits within a highly connected and superbly located plot that, in time, will be reimagined with Northern Group’s signature commitment to high design, maximum use and high standards of service and delivery.”
The building, which is now the UK headquarters for Siemens, was built in 1990.
CBRE acted for the vendor.
Investment comparables in Manchester >>
Send feedback to Jim Larkin
Follow Estates Gazette
