Scottish Life has agreed an £8m exit at Abbey House, Mosley Street, Manchester. The deal brings to an end Scottish Life’s troubled time at the 55,000 sq ft (5,110 sq m) building.
The company acquired the property in 1993 and completed refurbishment of part of the city-centre block in 1995, but struggled to secure lettings. Subsequently it signed 18,000 sq ft (1,570 sq m) lettings to Abbey National and actuary William Mercer, and was eventually fully let.
The prominent office building, close to St Peter’s Square, is to be sold to a private North-West investor, after a sale reported to involve hectic last-minute competitive bidding. Contracts are due to be exchanged within the next two weeks.
Said one insider: “Scottish Life was confronted with a decision whether to complete the refurbishment of the remaining space or sell. And they decided to sell.”
Lambert Smith Hampton is letting agent, while Whittacker Horton is advising on the investment sale.
EGi News 26/10/00
