Manchester Offices
North West property company, HIMOR Group Ltd has acquired Ship Canal House, one of Manchester's most famous landmark office buildings, from Catalyst Capital LLP for £22,880,000, reflecting a net yield of 6.7%. WHR Property Consultants acted on behalf of HIMOR Group Ltd.
Ship Canal House is a Grade II listed building situated on King Street in the heart of Manchester's traditional business and financial district. The 71,527 sq ft imposing building, which offers Grade A officeaccommodation, is home to Fortis Bank, CLB Coopers, Stripes Solicitors, Fidelity International, Liverpool Victoria and most recently, HBJ Gately Wareing, which relocated its 200 strong staff to the building last August. This is only the fourth time that the building has been sold in its 100 year history.
HIMOR Group Ltd is a privately owned investment company co-founded in 2008 by Bill Ainscough, owner of Wainhomes and Langtree Group and Will Ainscough. The ambitious property company sold Manchester Offices 40 Springardens, its 100,000 sq ft office building in Manchester, for £47,500,000 last year. HIMOR Group also owns St James's Court on Brown Street in Manchester ' the former headquarters of Halliwell's LLP and is currently in a legal dispute with four of the ex partners who guaranteed the lease over £4 million of outstanding liabilities.
Will Ainscough, Managing Director of HIMOR, comments: 'We are delighted to have secured this major city centre acquisition; Ship Canal House will form part of our long term investment portfolio. We are on an active acquisition trail this year and plan to double our current £60 million portfolio over the next five years.'
Mark Williams, Partner at WHR Property Consultants, adds: 'This is one of the most high profile investment purchases that Manchester Offices has seen in the last 12 months. We had to compete with several funds to secure this deal highlighting the healthy demand for quality office investments in the region and reinforces Manchester's position as a leading UK city for growth as a business destination.'
Lockett Loveday McMahon was the legal team advising HIMOR Group Ltd. GVA Grimley represented Catalyst Capital LLP.
Ship Canal House is a Grade II listed building situated on King Street in the heart of Manchester's traditional business and financial district. The 71,527 sq ft imposing building, which offers Grade A officeaccommodation, is home to Fortis Bank, CLB Coopers, Stripes Solicitors, Fidelity International, Liverpool Victoria and most recently, HBJ Gately Wareing, which relocated its 200 strong staff to the building last August. This is only the fourth time that the building has been sold in its 100 year history.
HIMOR Group Ltd is a privately owned investment company co-founded in 2008 by Bill Ainscough, owner of Wainhomes and Langtree Group and Will Ainscough. The ambitious property company sold Manchester Offices 40 Springardens, its 100,000 sq ft office building in Manchester, for £47,500,000 last year. HIMOR Group also owns St James's Court on Brown Street in Manchester ' the former headquarters of Halliwell's LLP and is currently in a legal dispute with four of the ex partners who guaranteed the lease over £4 million of outstanding liabilities.
Will Ainscough, Managing Director of HIMOR, comments: 'We are delighted to have secured this major city centre acquisition; Ship Canal House will form part of our long term investment portfolio. We are on an active acquisition trail this year and plan to double our current £60 million portfolio over the next five years.'
Mark Williams, Partner at WHR Property Consultants, adds: 'This is one of the most high profile investment purchases that Manchester Offices has seen in the last 12 months. We had to compete with several funds to secure this deal highlighting the healthy demand for quality office investments in the region and reinforces Manchester's position as a leading UK city for growth as a business destination.'
Lockett Loveday McMahon was the legal team advising HIMOR Group Ltd. GVA Grimley represented Catalyst Capital LLP.