Explore Offices in Manchester Piccadilly
Europa Capital, in a joint venture with the investor Paul Parkinson, has taken ownership of the buildings located in the heart of the biggest city in the north of England.
One Piccadilly Gardens is the larger of the sites involved in the deal, with Bank of New York, Jones Lang LaSalle and Allianz Cornhill among the well-known companies currently installed at its offices. There is a total of 167,369 square feet of office space in the building.
The Pavilion meanwhile offers 2,750 sqft of retail accommodation, with Europa citing strong yield potential as the reason behind its double purchase.
“One Piccadilly Gardens represents a good opportunity to acquire a modern, multi-let, office building at an attractive yield,” said Sandra Capan from the real estate fund management group.
“Purchased off-market, the deal is in line with Europa’s strategy of identifying well-located core assets in regional cities with a strong tenant mix but still with potential for active asset management.”
One Piccadilly Gardens in Manchester was built in 2004 offering large-scale office space floor plates that aimed to attract larger occupiers.
Savills advised Europa on its purchase of the site and its local boss Patrick Joynson told the Manchester Evening News that the building’s popularity “sparked the resurgence of speculative development in Manchester city centre”.
“One Piccadilly Gardens is a prime site offering superb public transport links, which is becoming increasingly important for occupiers,” he said.
Europa Capital recently teamed up with REAM Capital Partners to acquire the Flexspace flexible workspace portfolio from Safeland for a total of £26 million.
Editor’s notes: In September 2014, it was announced that Legal & General Property’s Managed Property Fund had purchased One Piccadilly Gardens from Europa Capital for £75 million. The property generated £4.3 million in annual rental at the time.
As of July 2023, the third floor of One Piccadilly Gardens offering 26,680 square feet of office space was available to rent.
The asking rent was £38.52 per square foot per annum.
Well-respected and regarded property professional Patrick Joynson of Savills passed away in 2019.