Aviva Investors has acquired an office property in Manchester from CBRE Global Investors.
CBRE Global Investors sold 55 Spring Gardens, Manchester on behalf of the €1.6 bn CBRE UK Property PAIF (UKPP) fund.
The investment volume was not dislosed.
Located in the heart of Manchester's Central Business District, 55 Spring Gardens comprises 5,175 m2 of adaptable office workspace as well as ground floor retail units and a basement car park. It also includes a sky suite with a rooftop terrace and collaborative amenity space together with an illuminated entrance.
CBRE Global Investors acquired the building in 2015 and undertook a comprehensive refurbishment to include a new reception and central atrium area, full refurbishment of the common areas, comprehensive strip out and grade A fit out of the interior.
Jamie Phillips, portfolio manager of the CBRE UK Property PAIF said: 'Having completed a top quality refurbishment, we saw an opportunity to exit at a strong price, delivering a good return for our investors and without the need to endure future void costs or additional letting risk.'
The property was one of the first buildings in Manchester to achieve Wired Certified Gold status due to its advanced internet infrastructure and was voted ‘Commercial Fit-out and Refurbishment property of the year’ at the Insider Property Awards North West in 2016.
CBRE Global Investors was advised in the sale by Zaman Roberts. Aviva Investors were advised by Sixteen Real Estate.