One St Peter's Square bought for £164m

Tue, 16 Aug 2016 | COMMERCIAL PROPERTY

One St Peter's Square, the landmark office building home to tenants including KPMG and Mazars in central Manchester, now has a new owner.

Deka Immobilien purchased the newly built property for £164 million from Argent and The Greater Manchester Property Venture Fund. Sitting opposite Manchester Central Library in the centre of Manchester's business district, the office development was finished just two years ago, in September 2014.

Tenants to the 13 floor-property include DLA Piper, Addleshaw Goddard, and restaurants Drake & Morgan and Fumo in the retail units on the ground floor.

Greater Manchester Pension Fund purchased the old Elizabeth House in 2003, before its joint venture with Argent in 2008, Councillor Kieran Quinn, chair of GMPF said. The sale “brings to a conclusion the involvement of the Greater Manchester Pension Fund in the redevelopment of the site”.

"This building which, when commenced, was the only new construction in the city centre, has acted as a catalyst for the development of St Petersfield with the new tram site and significant improvement to the public realm”, he added.

David Partridge, on behalf of Argent and Hermes/BTPS, also commented on the building and the boost One St Peter's Square has brought to the area: “The design and quality of this office building and the Manchester City Council supported public realm around it, along with the significant works to the Town Hall Extension and the Library, have been a vital ingredient in re-establishing St Peter’s Square as the pre-eminent civic space in Manchester, and that is why we have attracted such an impressive line-up of occupiers.

"The public facing ground floor along with the Fumo and Drake and Morgan restaurants have already made One St Peter’s Square a destination in its own right.”

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