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A business park comprising a total of nine office buildings and 290,000 sqft of office space in South Manchester has been sold for £47 million.
The Towers development in Didsbury was sold by the investment group Wereldhave and acquired by a joint venture partnership between the Moorfield Group and the Manchester-based Property Alliance Group.
Plans are in place to carry out an extensive refurbishment programme to enhance the attractiveness of the offices that are a short drive to Manchester city centre and a short walk to Didsbury Village.
“We are confident in this asset’s potential to become an even more successful and desirable location following our focus on building and site improvements, satisfying current and future occupier demand and requirements,” said Marc Gilbard, chief executive of the Moorfield Group.
“We believe we have acquired the right investment for our partnership with Moorfield, offering substantial potential to improve and enhance the value of the estate,” added Dominic Pozzoni, director of Manchester’s Property Alliance Group.
The nine office buildings that make up the development sit within a 19-acre area of landscaped parkland and count the major local employers Vodafone, British Airways, John Lewis and Cisco among their tenants.
The new owners of the Towers noted that transport links to the site are set to be improved considerably in 2013 when Greater Manchester’s tram system is scheduled to add a new station in Didsbury.
“The Towers has it all,” said Pozzoni. “The location, ample amenities, strong existing occupiers and the ability to expand in its use and appeal for further occupiers.”