The CBRE UK Property PAIF (UKPP), a PAIF managed by CBRE Global Investors, has sold 55 Spring Gardens, Manchester for an undisclosed amount to Aviva Investors in an off-market transaction.
Located in the heart of Manchester’s Central Business District, 55 Spring Gardens boasts circa 55,700 sq ft of prime, contemporary and 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.
The UK Property PAIF was launched in December 2016 following the merger of one of CBRE Global Investors’ funds – UK Property Fund and a separate account, ESPS UK property portfolio. The merger created the £1.5 billion fund and positioned the Fund within the top ten of the UK pooled property funds.