Trilogy Property and tech firm Blenheim Chalcot have teamed up to buy a 39,000 sq ft property in Manchester to create a new model for office and business innovation.
The pair have paid Lone Star £5m for 101 Princess Street, where they plan to create a mix of accelerator space and grade-A offices. The space will initially be occupied by Blenheim Chalcot-owned ventures – which include young professionals housing company Urban Central, mobile shopping platform Bijou Commerce and coaching platform Captured – but with the potential to widen the occupier base.
The building is already 70% let with two floors vacant.
Trilogy, run by former Resolution Property director Robert Wolstenholme, and Blenheim Chalcot said they were on the hunt for more sites for similar hybrid accelerator/offices.
“This is an entirely new way of providing workspace for creative, digital and innovation-led businesses,” said Wolstenholme. “By working directly with a venture builder like Blenheim Chalcot we can create a collaborative community of innovation businesses, underpinned by solid investor backing and certainty of occupational demand.”
Manoj Badale, co-founder of Blenheim Chalcot, added: “Our move into property investment means we can provide great offices for businesses and retain property value as investors. We are in the tech business and we know what tech businesses want.”
The acquisition of 101 Princess Street is the third acquisition for Trilogy since Wolstenholme set up the business in 2015. Other projects include the nearby Great Northern Warehouse schemes and an innovation hub at East India Dock in London’s Docklands, E17.
Metis Real Estate advised the jv on the Princess Street acquisition; CBRE acted for Lone Star.
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