Private equity firm Parthena Reys has bought the 365,542 sq ft One Hardman Boulevard in Manchester’s Spinningfields for a rumoured £250m.
The block, Manchester’s largest office building, has been acquired from NatWest Group following the bank’s recent consolidation into its newly refurbished building at 1 Spinningfields Square.
The vision for One Hardman Boulevard, which provides the city’s largest grade-A floorplates of around 40,000 sq ft, is to reposition the building into a world-class, flagship office development with market-leading ESG credentials.
Parthena Reys said it would announce further details of the planned refurbishment work in early 2024.
Will Kennon, executive director in CBRE’s investment properties team, who advised Parthena on the deal, 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 £50 per sq ft, 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.”
Cushman & Wakefield advised NatWest Group on the sale.
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