7 July 2015

LaSalle Investment Management acquires mixed use building in central Manchester

Forsters has acted on behalf of a fund managed by LaSalle Investment Management (LaSalle) on the acquisition of Maybrook House at 44 – 48 Deansgate Manchester for a price in excess of £16.1 million.

The multi-let mixed use building comprises retail, office and leisure space, with tenants including Tesco Stores and IBM United Kingdom Limited, a subsidiary of multi-national technology and consulting corporation, IBM.

LaSalle asset manager Katie Hynard said: “Maybrook House is an attractive value-add opportunity with significant asset management potential. While it is an income producing asset, it could be redeveloped in the medium term, given its strategic location, to deliver more office space or alternative uses. The Manchester office market has continued to perform well in 2015 with demand remaining strong for good quality secondary space.”

Commercial Real Estate partner, Howard Gill was assisted by Denize Akbulut on the acquisition.

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