THE DERWENT GROUP SELLS MANCHESTER OFFICE BUILDING FOR £11 MILLION

Acting on behalf of the Albert Gubay Charitable Foundation, the Derwent Group has sold Cardinal House – a 55,739 sq ft office building in Manchester city centre to Sensible Properties Limited for £11 million.

The 1960s eight storey building occupies a prominent location in the heart of Manchester city centre overlooking Parsonage Gardens and fronting the River Irwell. Barings Limited occupies 24,752 sq ft with the rest of the building being vacant. Cardinal House forms part of the Council’s St Mary’s Parsonage Strategic Regeneration Framework, which supports the ongoing redevelopment and refurbishment of the buildings in this established quarter of the city.

Commenting on the sale, Jonathan Black, Property Director at the Derwent Group, says: “Cardinal House has performed well for the Charity since acquisition as an income producing asset. The office building has been positioned as a future redevelopment opportunity as part of the wider St Mary’s Parsonage Strategic Regeneration Framework, which no longer aligns with the Trustees current investment criteria and appetite for risk, so the decision has been made to divest from this asset and redeploy the capital.”

Avison Young acted on behalf of the Derwent Group.