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Manchester’s One New York Street sold for £55m

Manchester office building One New York Street has been sold for £55 million.

The Royal London Pension Property Fund acquired the prominent 16-storey Grade A accommodation from Invesco Real Estate.

Designed by Denton Corker Marshall and completed in 2009, the building comprises 113,256 sq ft of office space with The Alchemist occupying a ground floor pub/restaurant unit.

Current tenants on the upper floors include Marks & Clerk LLP, AECOM and Turley Associates.

JLL represented Invesco Real Estate in the sale while The Royal London Pension Property Fund was represented by Ryden LLP.

James Porteous, capital markets director at JLL in Manchester, says: “The city centre office investment market has been particularly active this year with over £600m already transacted and JLL have been fortunate to be involved in many these transactions.

“It’s extremely likely that total volumes for 2017 look set to exceed last year’s total of £642m but will be some way off the stellar year of 2014 which saw over a £1 billion sold. There has been a definite trend this year towards off market deals and the city attracting equity from overseas investors.”

Alasdair Munn off Ryden LLP in London, adds: “The property will be a positive addition to Royal London`s growing portfolio of modern, multi let offices located in the the UK`s premier cities where value can be added not only by selective asset selection but also through active asset management “