An office complex close to MediaCityUK in Manchester was recently acquired by a US fund.
The American investors bought the 434,000 sq ft Exchange Quay in a deal thought to be worth around £30m.
The new owners of the site – which has been referred to as ‘Canary Wharf of the North’ – includes six office blocks that range between 26,000 sq ft and 117,000 sq ft.
Tenants include Barclays Bank, Scottish Equitable and Sage UK, with Future Electronics and Kin-Tec Electronics among the firms to move in more recently.
A number of occupants have expanded within the site, including Fortune 500 logistics firm CH Robinson.
When companies providing office space expand or come under new management, they typically outsource for professional services such as catalogue printing, in Ashton-under-Lyne and other areas of Greater Manchester, to showcase the facilities on offer. A catalogue, for instance, could give new prices and contain photos and concept art of the space available.
Mark Hunter, who is the managing director Hunter Property Fund Management (HPFM), the company that brokered the deal, explained that the brief was to find a project in the UK that presented opportunities in asset management.
He said that Salford Quays was the “obvious choice”, as it has been transformed significantly by both MediaCityUK and changes to the area’s infrastructure.
Speaking further, Hunter said that HPFM recognised Exchange Quay specifically as a strategic location. He added that the US investment will lead to the site becoming one of the county’s more attractive and flexible office complexes.
