Magnus Counts Another City Centre Acquisition
9th Jan 2007
Cheshire based property development and investment company, Magnus has continued its spending spree in Manchester city centre by completing on the purchase of Abacus Court, which it has acquired for circa £11 million, reflecting a net initial yield of 5.5%. Abacus Court is strategically located in the heart of the city within the rapidly improving Piccadilly Regeneration area. The 44,000 sq ft office building was constructed in 1990 and is currently fully occupied by PricewaterhouseCoopers.
This is the second major city centre office purchase for the company in less than a month following its recent acquisition of Tootal House, a 38,000 sq ft buiilding in Spring Gardens for in ecess of £10.5 million.
Magnus had a phenomenal year in 2006 having completed the extensive refurbishment of the popular Forty Four Peter Street - a 25,500 sq ft office building. Less than five months after completion, Forty Four Peter Street is already 75% let. Customers include Taylors Solicitors, RMRI, Hitchenor Wakeford and Derbyshire Building Society. The remaining space is under offer.
Steve Widdowson of Magnus commented: "Magnus has almost 20 years experience in redeveloping existing buildings as well as creating new schemes and we have been very pleased with the response that we received from Forty Four Peter Street, which is why we are keen to increase our activity in the city centre. We have proven that we understand the market and by addressing an increasing demand from occupiers for high quaility offices sub-10,000 sq ft, we have been able to create a unique product at the right price. It is this formula that has given us the confidence to take on these new schemes. We now have five city centre buildings which could have an end value of £70m and are actively seeking other opportunities whenever we can."
