An Edwardian-era mixed-use building in Manchester has changed hands in a deal worth between £20 and £25m.
Real estate investment firm AM Alpha has acquired the property at 196 Deansgate from Commercial Estate Group (CEG) on behalf of a Hamburg-based pension fund.
Designed by Charles Heathcote in 1904, the Grade II-listed baroque property boasts 60,000 sq ft of office and retail space spread over a basement, ground, and five upper floors.
The building has seen extensive refurbishment works over the last few years, the most recent of which were completed in 2021. The building offers open-plan mostly Category B offices that can be flexibly subdivided.
Martin Lemke, managing director of AM Alpha, said: “As an independent family office, AM alpha can invest anti-cyclically. We are specialised in finding imbalances in the market and turning them into opportunities to achieve above-average returns for our investors, especially in a challenging market environment.
“This transaction shows again that AM alpha is an expert in executing complex investments. We will continue to grow our portfolio in the UK’s dynamic growth regions”.
AM alpha was advised by Cushman & Wakefield and CMS on the transaction, whilst Edwards & Co and Savills acted for CEG.