Leeds property investor Town Centre Securities has bought 33,000 sq ft office building Ducie House in Manchester in a £9m deal.
Contracts have been exchanged between TCS and regeneration company Urban Splash, the former owner of the building.
Ducie House, located on the fringe of Manchester’s Northern Quarter, includes 64 office and studio spaces as well as a 63-space car park.
Around 50 tenants are based in the building. The majority of units are let on an all-inclusive flexible lease basis, producing an annual income of £675,000.
Edward Ziff, TCS chairman and chief executive, said the deal formed a “key part of our investment and regeneration of Piccadilly Basin and the surrounding area”.
He added: “We believe the building will be a valuable addition to our existing assets at Piccadilly Basin and is directly opposite our next planned residential development, Eider House. We see room for potential refurbishment, as well as the development of the car park.”
