Bruntwood buy McLaren Building
Posted by: Simon on: 18th March, 2008.
On the far side of Eastside towards the city centre we have the lovely McLaren Building. David Thame from the Manchester Evening News reports it has been bought by Bruntwood.
“MANCHESTER landlord Bruntwood is to break into Birmingham.
Bruntwood, the property business controlled by the Oglesby family, has bought the McLaren Building in Birmingham city centre. It is only its second buy in the city, and the first in 12 years.
The Manchester landlord – already active in Liverpool and Leeds – says the buy signals plans to expand into the Birmingham market.
The price of the 115,000 sq ft office block has not been disclosed, but it is understood to be close to the £25m sale price agreed two years ago when rival Manchester developer Nikal considered buying the building.
Now privately owned Bruntwood plans to invest £7m redeveloping the building to create 20 floors of high-specification offices. Today around half the building is occupied.
The buy comes just weeks after Bruntwood paid £28.5m for Bridge-water House in Manchester’s Whitworth Street.
The deal tipped the privately-owned company’s Manchester city centre property portfolio over 3m sq ft, making it by far the city’s largest office landlord.
Bruntwood’s Neal Biddle said: “We’re keen to acquire more in the city, providing customers additional flexibility to grow within our portfolio.”
Bruntwood purchased the McLaren Building from Birmingham Alliance for an undisclosed amount, with Birmingham based law firm Wragge & Co advising.
It has owned and managed Cornwall Buildings in the city for over 12 years “
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