Bruntwood SciTech completes Manchester office acquisition
The joint venture between Bruntwood, L&G, and the GMPF has bought the 28,000 sq ft The Pinnacle on King Street.
Bruntwood SciTech’s acquisition of the 10-storey Manchester office means the JV will be able to expand the neighbouring Pall Mall, which is currently undergoing a £30m overhaul that is due to complete next summer.
The purchase price was not disclosed. The building last traded for just shy of £10m in November 2009.
The Pinnacle deal, first reported earlier this year, sees Bruntwood SciTech’s pipeline of development increase to 8.4m sq ft.
SciTech announced last year its intention of ammas a portfolio of innovation workspaces valued at £5bn by 2032.
Read more about Bruntwood SciTech’s expansion plans
Currently, Bruntwood SciTech has more than £314m of investment underway across Birmingham, Manchester, Leeds, and Liverpool. Manchester alone accounts for £243m of that amount.
Bruntwood Scitech acquired The Pinnacle from ReAssure via Legal & General’s Investment Management.
LGIM was represented by Savills and Simmons & Simmons. Addleshaw Goddard acted for Bruntwood SciTech.
With the purchase of The Pinnacle now wrapped up, Bruntwood SciTech has revealed the first images of the redeveloped Pall Mall next door.
Pollen Square is named after one of Pall Mall’s original architects. Credit: via Citypress
In particular, the developer has provided an early look the public piazza outside Pall Mall, which is set to be named ‘Pollen Square’ – a nod to in commemoration of one of the building’s original architects Francis Pollen, of Brett, Pollen & Teggin.
Together, Pall Mall and The Pinnacle will offer 120,000 sq ft of workspace.
Ciara Keeling, chief operating officer of Bruntwood SciTech, said the acquisition and redevelopment of Pall Mall “reaffirms our commitment to the North West’s – and indeed the UK’s – innovation economy”.
“By adding further state-of-the-art workspace designed to support the science, tech, and innovation sector, we are creating even more opportunities for businesses operating within that area to collaborate and grow, and ultimately working towards our ambitious goal of creating a £5bn portfolio by 2032.”
She added: “The acquisition was also ideally positioned to cluster with existing Bruntwood SciTech workspaces in the city centre, bolstering the community and knowledge-sharing that is already taking place across our city centre innovation hubs.”
