Confidence remains high in the post-Brexit commercial property market, say developer Urban Splash, as its joint venture with Pears Group acquires the 46,000 sq ft Office Village scheme next door to Exchange Quay in Salford.
Urban Splash director Nathan Cornish said: “Although not an obvious Urban Splash building, being a slightly tired, 1990s office block, we have lots ideas how we can improve the space with an Urban Splash touch.”
Dan Crossley of WHR acted on behalf of the joint venture.
He said the speed of the purchase underlined the faith both partners had in the strength of the market, as concerns continue that Brexit could already be ramping up pressure on the UK economy.
Terms were agreed with the vendor to push the deal through in just five days.
Urban Splash say they will now “drive forward the refurbishment of the building to bring it in line with the rest of its commercial portfolio”.
Office Village sits on the banks of the Manchester Ship Canal, directly behind the Exchange Quay development dubbed ‘The Canary Wharf of the North’.
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Nathan Cornish, director at Urban Splash, said: “I am thrilled we were able to act fast and add another great asset with loads of potential to our portfolio with Pears.
“Our JV partnership which owns and manages thriving commercial assets goes from strength to strength; we are fortunate to have access to substantial funds to acquire assets for cash, along with a great team and quick decision making culture that can move quickly when we identify an asset we like.
“We can’t wait to get stuck into refurbishing the scheme and offering workspaces in an exciting commercial area.”
Urban Splash has also made sole acquisitions this past year of buildings including the former Regiment pub in Castlefield, Phoenix Mill in Ancoats plus sites in Walsall and Salford.
Dan Crossley of WHR acted for Urban Splash and Pears. Metis acted for the vendor.
