Lothbury pulls trigger on Manchester office sale
Savills has been appointed to sell the 50,000 sq ft Four Hardman Street in the city’s Spinningfields district.
The 10-storey Manchester office last traded in 2013 when Lothbury Investment Management acquired it from Hardman Estates for just shy of £20m. There is no quoting price for the building this time around.
The office is let to companies including Prosperity Law, Hiscox, and restaurant Banyan on the ground floor.
There is around 9,200 sq ft of space available within the building.
Lothbury announced earlier this year it would liquidate its diverse UK property fund, which also includes a shopping centre in Oxford, a hotel in York, and a student accommodation scheme in Durham.
The office is the latest to hit the market in Manchester in recent months. Others include One Portland Street, which CBRE is selling for M&G, and Sovereign House off Deansgate, which Colliers is selling for Santander.
“No asking price” says it all, take what they can and no doubt a significant loss on the books
By Dave T
The great big office sell off continues – not long before they’ll be thrown into the auctions
By Office Owl
This is a nationwide problem. The vast majority of office buildings from this century have effectively been made obselete as they can’t meet the energy perfomance requirements of modern users without massive investment. That is not what funds do. Someone will buy this at a rock bottom price but then have to spend a fortune to reposition it in the market. You will see it all over Manchester and all over the country
By Anonymous