Partner Article

Prominent Manchester office and retail building sold for first time in 40 years

A prominent office and retail building in Manchester has been sold for the first time in four decades.

Onward Buildings, a Grade II listed building on Deansgate, has been acquired by property investment firm Agha Group advised by the Manchester office of leading property consultancy Fisher German.

The property provides 11,669 sq ft of office and leisure space across five floors, in proximity to the £400m St Michael’s redevelopment scheme.

The ground floor and basement are let to Topkapi and Rendition with 207 Dental Care occupying just over half of the first floor. The remaining c. 4,700 sq ft is vacant.

Agha Group plans to revitalise the vacant office space to provide high-quality, flexible accommodation.

Agha Sameer Anwar, CEO of Agha Group, said: “We are delighted to have added to our growing portfolio and established a footprint in Manchester city centre with the acquisition of Onward Buildings.

“It’s an attractive building with excellent core income and inherent upside potential. Once refurbished, the vacant accommodation will provide flexible suites at an attractive price point to meet occupational demand from smaller occupiers seeking a city centre presence.”

Dominic Evans, Investment Partner at Fisher German, acted on behalf of Agha Group to acquire Onward Buildings.

He said: “Agha Group recognised the potential in this property and were able to move quickly to complete the acquisition. Their plans for refurbishment will produce quality office space providing an interesting opportunity for tenants looking for character space in the centre of Manchester.

“The size of suites will fit well with the resilient demand from smaller requirement occupiers, which make up a large proportion of the annual take up in Manchester.

“We are confident that Agha Group’s ownership will be the start of a prosperous new chapter in Onward Buildings’ history.”

Gary Scorah at Commercial Properties Ltd acted for the vendor, Mayer Investments, while Joe Brolly at Square One Law and Jeremy Lee at Bexley Beaumont provided the legal support for the deal to complete.

This was posted in Bdaily's Members' News section by Matt Joyce .