Exchange Quay, Salford Quay’s iconic 433,637 sq ft office complex, has been acquired by a North American Institution for an undisclosed sum in a deal completed by its advisor, Edinburgh-based Hunter Property Fund Management (HPFM).
HPFM was represented by Matthews & Goodman in the deal, while Savills acted for the vendor, a Channel Islands based Trust.
The deal will bring about a further investment of £10M into comprehensively remodelling and refurbishing the scheme, representing a significant inward investment into the Greater Manchester office market.
Exchange Quay received broad acclaim when it was developedin the early 1990’s, often hailed as the ‘Canary Wharf of the North’ and comprises six extensive office buildings ranging from 26,151 sq ft to 116,684 sq ft. The scheme, which also boasts its own dedicated Metrolink tram stop, is strategically located just off Trafford Road which links Salford Quays to both Manchester City Centre and the major motorway networks via the M602.
A host of high profile occupiers such as Sage UK are in occupation at Exchange Quay. Recent deals to new occupiers include Kin-Tec Electronics who is occupying 8,181 sq ft and Future Electronics leasing 4,000 sq ft. Existing occupiers GAB Robins and CH Robinson have also recently expanded to occupy 10,000 sq ft and 6,785 sq ft respectively.
Mark Hunter, managing director of Hunter Property Fund Management, said; “Our brief was to source a project within the UK with immediate asset management opportunities and real potential to add value. As one of the country’s most dynamic office markets, Greater Manchester was an obvious choice, as was Salford Quays, which has been greatly transformed by infrastructure and Media City into a destination in its own right.
“We identified that Exchange Quay occupies one of the most strategic locations in the region and, after our investment, it will offer some of the most flexible and attractive office accommodation in Greater Manchester. Our competitive terms, coupled with quoting rents in Salford Quays standing some 50% less than in Manchester City Centre, give us distinct advantage.“
HPFM has confirmed that the £10M programme of works will involve significant internal refurbishment of the office accommodation, external improvements to the buildings and extensive upgrading of the on-site environment and amenity offer. The work will be undertaken in a phased approach, with full plans to be unveiled in forthcoming months.
With office suites from 800 sq ft up to floor plates of 12,300 sq ft, Exchange Quay can accommodate a host of occupiers from media start-ups seeking space in Media City right up to larger organisations looking for Headquarter offices as well as call centre and back office operations and firms with a high volume of car-based staff seeking to capitalise on the 1:250 sq ft parking ratio.
Hunter continues; “Our goal is to create an outstanding working environment for all our tenants, existing and new. We are fully committed to this intensive project and will be heavily resourcing it to ensure that Exchange Quay achieves its full potential.”
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NOTE TO EDITORS:
Exchange Quay is one of the largest office developments in the North West located just minutes from Manchester City Centre.
433,637 sq ft of office accommodation at Exchange Quay was acquired by HPFM in November 2013 on behalf of a North American institutional investor, and £10M is now being invested in a comprehensive refurbishment and modernisation of the development. Upon completion of the works, which will commence in 2014, Exchange Quay will offer some of the most attractive and flexible office accommodation in Greater Manchester.
Exchange Quay is situated at the gateway to Salford Quays/Media City, approximately 1.5 miles to the southwest of Manchester City Centre which can be accessed via the development’s dedicated Metrolink station. The development has excellent road connectivity including rapid access to the M60 orbital via the M602 and the A56 Chester Road.
With office suites from 800 sq ft up to 12,300 sq ft, Exchange Quay appeals to a broad spectrum of occupiers including media start-ups, call centres, back office operations and larger organisations seeking entire buildings for use as Headquarter offices. Key attractions of Exchange Quay are that it offers a car parking ratio of 1:250 sq ft and can accommodate a single requirement in excess of 40,000 sq ft.
Exchange Quay offers competitive terms, and with quoting rents standing some 50% less than in Manchester City Centre this gives the estate distinct competitive advantage.
Benefitting from its Enterprise Zone status, Salford Quays witnessed considerable development during the late 1980’s and early 1990’s. Major occupiers such as BUPA, Barclays, Sage and Marks & Spencer were attracted to the area by its public transport connectivity, large floor-plate accommodation and economic offering.
Following the BBC`s decision to relocate to MediaCityUK the whole of Salford Quays has been re-designated by Salford City Council as ‘Media City’. ITV, Salford University and Satellite Information Services (SIS) have followed the BBC into the Media City zone which has created a media ‘power house’ and is acting as a catalyst for attracting further high profile occupiers.
Hunter Property Fund Management (HPFM)
Hunter Property Fund Management (HPFM) is a real estate investment fund management specialist delivering bottom up value growth in commercial real estate.
HPFM is aligned, locally based in its key markets with offices in Edinburgh, London, Prague and Warsaw, is income growth driven, client focused and independent.
HPFM’s business in Central Europe and the United Kingdom is wholly management owned and staffed by a team of experienced real estate professionals local to the markets in which it operates.
Additional Notes relating to the deal
Irwin Mitchell were the lawyers acting on behalf of the Trust. K&L Gates acted for the purchaser.