Development Securities has forward sold the office component of its CityPark development in Manchester.
It has sold the 147,000 sq ft office building to business services consultancy Peninsula Business Services and Peninsula will occupy the majority of the offices.
The development is anticipated to commence later this month with practical completion scheduled for the end of 2009.
In May this year DevSecs sold the adjacent site for the construction of a 250-room hotel and it hopes to achieve a £6m profit from the combined land disposals and development.
Peter Done, managing director of Peninsula, said: ‘The building will be the largest owner- occupier building project in Manchester. It could have been very easy for us to move our operation to London but Peninsula is a Manchester based company with national success and our roots are quite firmly set in the city.’
CityPark Manchester is the commercial element of Greenquarter, a 1500-unit residential scheme developed by Crosby Homes.