A Yorkshire-based property company has made its first-ever acquisition by purchasing a historic office building in Manchester. The building had been listed for sale at over £8.3 million.
This acquisition marks a significant milestone for the firm, showcasing its intent to expand its footprint and enhance its asset portfolio.
The Acquisition Details
An Elland-based property firm has successfully acquired the Northern Assurance Buildings in Manchester. This landmark office building spans 28,000 sq ft and was on the market for more than £8.3 million.
The building, recognised for its historical value, was sold by Kinrise to Threesmith Group. This transaction represents the maiden acquisition for Threesmith Group, led by James and Luke Smith.
David Cran of Crans Real Estate, who advised on the deal, said, “This was a fabulous opportunity for my clients to acquire a prime asset with secure income and long-term asset management opportunities.”
Key Players Involved
Huddersfield-based Crans Property Consultants and Schofield Sweeney acted on behalf of the buyer in this transaction. Meanwhile, Carrick Real Estate, OBI Property, and Withers Worldwide represented the seller.
The collaboration between these firms ensured a smooth transaction, highlighting the significance of the Northern Assurance Buildings in the Manchester property market.
Building’s Significance
The Northern Assurance Buildings are renowned within the Manchester property community. The building hosts several prominent tenants, including FEC, Metis Real Estate, and Hydrock.
These well-established occupiers add significant value and stability to the property, making it a coveted asset.
The Northern Assurance Buildings is one of four properties making up the Albert Estate, which Kinrise originally acquired for £6.7 million in 2015. The estate’s prime location and recent refurbishments have further elevated its market stature.
Strategic Reasons Behind the Acquisition
Threesmith Group’s acquisition of the Northern Assurance Buildings aligns with its broader strategy of acquiring prime, income-generating assets with potential for long-term value appreciation.
With the planned reopening of Albert Square later this year, the building’s strategic location is expected to see increased foot traffic and commercial activity.
The combination of historical significance, long-term tenants, and a prime location makes this acquisition a strategic move for the Threesmith Group.
Market Impact and Future Prospects
This acquisition is poised to positively impact the Manchester property market, adding a valuable asset to Threesmith Group’s portfolio. It also sets a precedent for future acquisitions by the company.
The deal reflects a growing trend of regional property firms expanding their reach into major city centres to capitalise on robust market conditions and attractive investment opportunities.
Expert Opinions
Property expert David Cran emphasised, “The building has rarely traded and, having been recently refurbished, offers long-established occupiers. It is perfectly positioned in preparation for the reopening of Albert Square later in the year.”
Cran’s insights underscore the property’s prime status and the foresight of the Threesmith Group’s strategic acquisition.
Conclusion on Market Trends
The recent acquisition underscores a positive trend for regional firms venturing into bustling city centres.
Such strategic moves are expected to continue as firms seek valuable and income-generating assets in prime locations.
The Yorkshire property firm’s acquisition of the Northern Assurance Buildings signifies a bold step in expanding its influence and portfolio. This strategic move is likely to yield significant returns in the long term.
With the anticipated reopening of Albert Square, the property’s value is set to rise, benefiting both the firm and its tenants. This acquisition may inspire other regional firms to explore similar opportunities in thriving city centres.