Threesmith makes second Manchester office buy from Kinrise
Having already snapped up Northern Assurance Buildings, the Leeds-based investor has now acquired the neighbouring Victoria Building on the corner of Princess Street and Cross Street.
Kinrise has sold the 18,800 sq ft Victoria Building to Threesmith Group off a guide price of £5.9m.
Kinrise appointed Carrick Real Estate and OBI to find a buyer for the asset last year. The top two floors are occupied by Tritax Big Box Developments.
The remaining three floors of office space are vacant, while the ground floor is home to Johnsons Cleaners, Armenian Taverna, and Zambrero.
Crans Real Estate and Schofield Sweeney acted on behalf of the purchaser. Carrick Real Estate, OBI, and Withers Worldwide advised Kinrise.
David Cran, founder of Crans Real Estate, said: “This was a fabulous opportunity for my clients to acquire a prime asset with longer term asset management opportunities, this building has rarely traded and with recent lettings and tenant expansions represents another fantastic acquisition in preparation for the reopening of Albert Square in 2025”.
Threesmith Group is headed up by directors Luke and James Smith. The pair also run A-Safe, which manufactures safety barriers.
The most recent accounts filed for Threesmith Group Holdings are for the year ended December 2022 and show a jump in revenues year on year from £3m to £30m.
Kinrise bought the building along with three others in 2015. Only 2 Mount Street remains under Kinrise’s ownership.
