Orchard Street acquires 4 Hardman Square, Manchester

Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has completed the acquisition of 4 Hardman Square, a prime office development in Manchester’s Spinningfields, for £31.02 million. Orchard Street acquired the asset on behalf of St James’s Place from a GLL Real Estate Partners fund (‘GLL’).

4 Hardman Square provides 54,300 sq ft of high quality Grade A office accommodation spread across five levels above a double height ground floor. The property is fully let to two corporate tenants, HSBC Bank plc and Grant Thornton UK LLP with a WAULT of 7 years. Completed in December 2006, the property was designed by renowned architects Foster & Partners in conjunction with the adjacent 3 Hardman Square, and holds a “Very Good” BREEAM rating.

The property is situated in the heart of Spinningfields, the prime office destination within Manchester city centre and one of the most significant regeneration developments in the UK, commenced just 10 years ago and already housing a host of international financial and professional businesses across 1.5m sq ft of office space. Firmly established as the UK’s second city, Manchester benefits from exceptional connectivity on an international, national and regional level through strong air, road and public transport links.

Tom Chadwick at Orchard Street, commented:

“This landmark asset holds a prime position in the centre of Manchester’s most sought after office location. Underpinned by growing occupational demand as an increasing number of businesses are attracted to the North West’s capital, we believe that 4 Harman Square presents an exciting opportunity for future income growth.”

Will Kennon at CBRE, representing the vendor, GLL, commented;

“4 Hardman Square represents a rare opportunity to acquire a genuine trophy asset in Spinningfields, the leading International Business District in Manchester. A direct and targeted marketing strategy helped achieve strong investor interest and we are delighted to have represented our clients, GLL, and deliver this successful outcome”

Orchard Street was advised by DTZ while GLL was advised by CBRE and Norton Rose Fulbright.