Town Centre Securities (TCS), the Leeds based property investor and car park operator, has announced the acquisition of Ducie House, a 33,000 sq ft office building with a 63-space car park, for £9 million.
Contracts have now been exchanged between TCS and Urban Splash, a regeneration company and the former owner of Ducie House, who converted the building from a petticoat factory into loft-style workspaces 20 years ago.
The deal will be TCS’s fifth in the area as it continues its investment in the regeneration of Piccadilly Basin. TCS has a mixture of retail, commercial and residential developments in the area, including Urban Exchange, Carver’s Warehouse and Burlington House, with a focus on further developing the south-eastern side of Great Ancoats Street as a link to the city centre.
In a statement. TCS said: “Situated on the fringe of Manchester’s Northern Quarter and just a two-minute walk from Piccadilly Station, the city’s busiest mainline and Metrolink station, Ducie House is a contemporary development which provides highly flexible work solutions for businesses of varying size. There are currently 64 office and studio spaces ranging in size from 82 to 3,900 sq ft and these spaces have been occupied by iconic Manchester brands such as 808 State and Simply Red, as well as ANS, UK Fast, Ask Developments and Ear to the Ground.”
“There are approximately 50 tenants based in the building at present, with a number of unique units available to let and the majority of units are let on an all-inclusive flexible lease basis producing an annual income of £675,000.”
Edward Ziff, chairman and chief executive, said: “We’re delighted to have acquired Ducie House, an exciting development in a prominent location in Manchester, and it forms a key part of our investment and regeneration of Piccadilly Basin and the surrounding area.
“We believe the building will be a valuable addition to our existing assets at Piccadilly Basin and is directly opposite our next planned residential development, Eider House. We certainly see room for potential refurbishment, as well as the development of the car park.”