An 80,000 sq ft office complex, home to BASF in Cheadle for over 20 years, has been acquired by Manchester developers PIN Property for a figure in the region of £6m. Having agreed heads of terms, the sale exchanged and completed within 3 weeks.
The building, which is at the intersection of the new bypass to the airport and the A34, will become vacant later in 2020 when BASF relocate to Stockport as part of its new workplace strategy.
Phil Meakin of PIN Property commented ‘’We are absolutely delighted to have secured this asset and look forward to bringing the remodelled/refurbished building back to the market towards the end of the year. The new Airport link road has dramatically improved this location and we are extremely upbeat about the re-letting prospects going forward’’
Chris Mulcahy of JLL who represented BASF in the sale said: “Given that there has been very little new office development in South Manchester for around 15 years, there is minimal high quality office stock available . It is therefore expected that this space will be welcomed by the market.
“We have had high levels of interest in this building throughout the sale period resulting in multiple offers. It was particularly satisfying to see this transaction through so quickly and to work with a purchaser who clearly wants to get things done and who sees the potential in this strategically positioned building”
JLL also advised BASF on their acquisition of their new HQ at Stockport Exchange.
Manchester law firm Kuits advised PIN Property on the legal and commercial aspects of the transaction, with the team led by partner Nick Nyunt and Nadia McMahon-Wilson. Gordons LLP acted for BASF.