The CBRE UK Property PAIF (UKPP), a PAIF managed by CBRE Global Investors, sold 55 Spring Gardens, Manchester for an undisclosed amount to Aviva Investors in an off-market transaction. Located in the heart of Manchester’s Central Business District, 55 Spring Gardens boasts circa 55,700 sq ft of prime, contemporary and adaptable office workspace as well as ground floor retail units and a basement car park. It also includes a sky suite with a rooftop terrace and collaborative amenity space together with an illuminated entrance.
CBRE Global Investors acquired the building in 2015 and undertook a comprehensive refurbishment to include a new reception and central atrium area, full refurbishment of the common areas, comprehensive strip out and grade A fit out of the interior.
Jamie Phillips, portfolio manager of the CBRE UKPP said: “Having completed a top quality refurbishment, we saw an opportunity to exit at a strong price, delivering a good return for our investors and without the need to endure future void costs or additional letting risk.”
CBRE Global Investors was advised in the sale by Zaman Roberts. Aviva Investors were advised by Sixteen Real Estate