Belvedere House, Manchester

Orchard Street Investment Management LLP has agreed a £50m funding and purchase agreement with Wilson Bowden Developments Ltd for Belvedere House, Booth Street, Manchester, on behalf of a UK pension fund client.

Belvedere House will be a quality 103,000 sq ft office building with ancillary A1/3 ground floor premises, and car parking for 56 cars in the basement. Construction is now underway and practical completion is expected in October 2008. Belvedere House will be the largest new office development in the traditional core of Manchester City Centre for several years, both in terms of overall size and individual floors, the largest of which will exceed 16,000 sq ft. The building is expected to attract interest from both financial services and professional tenants.

Chris Bartram, of Orchard Street said:

“Belvedere is a strategic acquisition for a large UK pension fund client’s portfolio, and we are delighted to have been able to agree to provide funding for Wilson Bowden to undertake this quality investment. 100% of the funding for the scheme is being provided against a flexible final price arrangement whereby the success of the letting campaign will define the total purchase cost.”

Robert Grafton of Wilson Bowden Developments added:

“The development is well underway and weare on schedule for completion next Autumn. Belvedere House is a landmark project for the City and as such has already attracted significant interest from occupiers. We are confident of securing good lettings during the next 12 months”.