Commercial Property
Development & Investment
0161 820 7610
North West property development and investment company, Patrick Properties has acquired a 16,500 sq ft multi-let office building in the heart of Manchester city centre. Patrick Properties bought the landmark building on the corner of Tib Street and Cross Street from Ethel Austin Shared Investors for £2.4 million, reflecting a net initial yield of 6.8% and has relocated to the building from its Wilmslow office.
The impressive landmark building (Grade 2 listed), which is situated directly opposite Albert Square, comprises 6,406 sq ft of retail at ground level with lettings to Subway, Cafe Nero and Leoni’s Restaurant and 10,000 sq ft of office accommodation, which is part let to property consultancy firm, Eddisons. Christopher Dee acted on behalf of Patrick Properties. Mason Owen represented Ethel Austin Shared Investors.
Patrick Properties plans to undertake a comprehensive refurbishment of the building and is set to put the contract out to tender with the aim of completing the project by the beginning of 2011.
Andrew Dickman of Patrick Properties says: “This was an important acquisition for us as it signals our intention to slightly change our focus as we move more into the office and city centre market as part of our continued strategy of diversification. We are already seeing the positive influence that being based in the city centre is having on our business and recognise the importance of being in the heart of the business community.”
Patrick Properties has continued to go from strength to strength and has just appointed Jordan Kennedy who will be working directly for Andrew assisting in the future acquisitions for the company as well as asset managing its existing portfolio.
