One Didsbury Point in Didsbury, Manchester has been acquired by Cervidae, the London-based real estate investment and asset management firm, for £11m from Titanium Real Estate.
The 54,252 sq ft, four storey Grade A office building is currently home to occupiers including Optegra, Carrier Travel, Bouygues and IBI Group. The final remaining suite of approx. 5,000sq ft is available to let at a quoting rental of £20per sq ft.
Cervidae commented: “One Didsbury Point is a best in class asset, offering opportunity to increase value through its reversionary income and is a strong addition to our portfolio. We continue to look for further commercial property investments across the UK to support our strategy of purchasing well-located assets with potential for capital improvement and increased income generation.”
Avison Young acted for Cervidae in the transaction. Investment Director, Oliver Rowe said: “The purchase of One Didsbury Point is a superb deal for Cervidae and gives them the opportunity to benefit from the strong levels of occupational demand in South Manchester and rental growth, given the limited supply of space.”
The deal secures a further addition to Cervidae’s international portfolio following other recent acquisitions including a prime retail parade, in Chester and three office buildings in Colmore Row, Birmingham.
Titanium and Chenavari acquired One Didsbury Point in a joint venture in May 2016. The business plan focused on the sale of adjacent land and a high-quality refurbishment to attract new tenants to the building.
Richard Bousfield of Titanium said “I am delighted to conclude the successful sale of One Didsbury Point to Cervidae. We executed our business plan as anticipated and having leased or re-geared leases on the majority of the building to deliver strong returns to our investors felt the time was right to pass the building on to someone else. We continue to remain active in the value-add commercial property market with our partner Chenavari.”
Metis Real Estate Advisors acted on behalf of the vendor, Titanium.