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20 May 2005
Countryside Properties continues its success in the Manchester market with the sale of 18,568 sq ft of office accommodation at The Edge for £3.8 million.
The three storey office building has been purchased by Modus Investments Ltd, part of Modus Properties, a Manchester based property investor and developer, who, as part of their portfolio run 17 shopping centres across the UK .
The Edge, a £75 million mixed-use regeneration scheme situated on the River Irwell, adjacent to the Lowry Hotel and minutes from Manchester city centre, comprises 275 apartments, 18,568sq ft of office accommodation and 7,500 sq ft of retail provision.
Modus Investments Ltd will transfer their current operation from their existing location in Cross Street, Manchester to the top floor (7,836 sq ft) of the office complex at The Edge. Their new headquarters comprises fully glazed river frontage, full access raised floors, air conditioning, double height entrance and on-site undercover parking.
The remaining 10,237 sq ft over the ground and first floors will be let by Modus Investments.
Mark Chatham, director of Countryside Properties commented: “We had significant interest in the accommodation from existing occupiers within Manchester who were keen to invest. The owner occupier market is buoyant at the moment, reflecting the lack of freehold investment opportunities in city centre locations and the increasing number of businesses transferring from the rental market to freehold options.”
The residential element of The Edge is over 75% sold and Countryside Properties is currently in detailed discussions with a number of retailers on the retail accommodation, which has A1 retail and A3 bar/restaurant planning consent.
Edwards & Co acted on behalf Countryside Properties and WHR Properties on behalf of Modus Investments.
ENDS
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Information correct as at 29/08/2007