FORE Partnership, a pan-European real estate investment club for family offices and private investors, has acquired a vacant office building in a prime location in Manchester’s city centre for GBP13.0 million.
FORE has purchased 24 Mount Street, a four-storey, 48,160 sq ft building situated at a strategically-important location within the Civic Quarter adjacent to St Peter’s Square. The building was previously the headquarters of London Scottish Bank, which entered administration in 2008. FORE acquired the property from Titan Investors.
Basil Demeroutis (pictured), Managing Partner of FORE, says: “We are thrilled to have acquired a strategically-located, city centre office building in one of the UK’s most dynamic cities. This acquisition builds on our portfolio in the north west and is part of our view that the metropolitan revolution and devolution will drive growth in this part of the UK for some time to come.”
FORE is planning to develop a highly-sustainable building, offering high-quality and flexible office space. Demeroutis adds: “This is a great opportunity to deliver something very special, a space that connects with its surroundings and the buzzing community around St Peter’s Square and the Manchester Central Convention Complex.”
Lambert Smith Hampton acted as FORE’s agents on the sale with Savills advising on the technical due diligence. Zaman Roberts acted for Titan Investors. Debt finance for the purchase was provided by a fund advised by real estate credit manager Venn Partners.