£48 million paid for landmark office building ‘The Peninsula’ - MIDAS

£48 million paid for landmark office building ‘The Peninsula’

Following the Practical Completion of ‘The Peninsula’, Rainy City Properties have now taken formal ownership of the landmark building.

The 12 story contemporary office block, situated within Manchester’s Greenquarter, covers 147,000 square feet and is a stunning new addition to the Manchester skyline.

The sum of £48 million has been paid to Development Securities and employment law consultancy Peninsula Business Services have taken occupancy of all 12 floors, with the intention to sub-let floors 7-12, comprising 69,492 square feet. This acquisition represents the largest ever purchase by an owner occupier in the Manchester City Centre.

Talking of the move, Peter Done, Managing Director of Peninsula said: “We are really excited about the move and are looking forward to entering our new home in the city centre.”

Julian Barwick, Director of Development Securities, said: “We are delighted to have been chosen to provide a new home to Peninsula. The building is a quite outstanding addition to the Manchester skyline and we wish Peninsula Business Services great good fortune in their new offices.”

Peninsula Business Services are shortly to begin their fit-out of the new building with the intention of taking occupancy in March 2010, whilst the upper floors are now completed to developers’ Cat A standard.

‘The Peninsula’ is in a prime location; sitting opposite Victoria Train Station and the MEN Arena and in close proximity to the city’s major retail and leisure facilities. The newly opened Park Inn Hotel, again completed by Development Securities, sits adjacent to ‘The Peninsula’, adding to the multiple and varied level of services available to the building.

DTZ have been appointed by Peninsula to both let the upper floors and manage the property. Whitaker Horton acted for Development Securities in the disposal of the freehold.

Source:  The Peninsula

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