Cording Real Estate Group has purchased the freehold of a prominent Salford Quays office complex in a joint venture with US private equity group HIG Capital International Advisors.
The complex, called The Anchorage, was acquired from a private investor client of Knight Frank. The quoting price was £35 million.
The asset comprises a total of 218,000 sq ft of office space across four self-contained buildings which are fully let at an average rent of £14.40 per sq ft.
Anchorage 1 and 2 are let to Muse Developments, while Anchorage 3 and 4 are let to BUPA Investments. A 777-space multi-storey car park is also included in the acquisition.
Commenting on the purchase, Mark Miller, Head of Portfolio Management, London at Cording, said: “The acquisition of this prime office block reflects our focus on income.
“It is let at a sustainable rent in a market which has seen a marked increase in occupier activity, particularly from bigger space users.”
Discussing Cording’s plans for the complex, which is located at the gateway to Anchorage Quay, providing views across the water to the new home of the BBC at Media City, he added.
“The Anchorage also gives us the opportunity to apply our asset management expertise to improve value through working with occupiers to refurbish space and extend leases.”
