BBRE acquires Croxley House, Manchester
Boultbee Brooks Real Estate (BBRE), the UK-based property investor and developer, today announced the acquisition of Croxley House, a period property in the heart of Manchester city centre, for £5.5 million.
Croxley House, Lloyd Street, Manchester, M2 5ND provides office accommodation arranged over basement to fifth floor, offering a total 27,400 sq ft of office space.
The building is situated just off Albert Square, close to Deansgate and Spinningfields. It is well served by the city’s transport links, being a short walk away from both Manchester Piccadilly and Manchester Victoria, and is in close proximity to some of Manchester’s best amenities. Croxley House is fully let to Media Force, Arcon Housing, Hidden Creative and PRP Architects.
The acquisition of Croxley House is further evidence of BBRE’s strategy to invest in high-quality properties in sought-after, high-growth locations which offer attractive financial returns. In 2014 the North West commercial property market saw a return to rental growth and an increase in development activity. Manchester is leading the recovery in the UK’s regional markets and Croxley House is located within an area earmarked for new speculative development.
Clive Boultbee-Brooks, managing director, BBRE said: “Croxley House is situated in a fantastic location, underpinned by the planned mixed use development at the rear of the property which will comprise of hotel, leisure, residential and office accommodation. We are excited by the strong demand and rental growth we are seeing in the area.”
Will Lewis, OBI Property and Aurum Real Estate acted on behalf of Boultbee Brooks Real Estate.