Development Securities has bought a 50% stake in Property Alliance Group’s £35m Axis tower in Manchester.
DevSecs is understood to be paying half of the land value and half of the £20m development costs for the 75,000 sq ft building, as revealed by Property Week (20/06/08).
The scheme, which has been funded by Alliance & Leicester Commercial Bank, will provide floor plates of 4,500 sq ft across 18-storeys.
‘The Manchester occupier market is proving to be remarkably resilient in the face of current economic pressures,’ said Mike Hawkins, partner at WHR who have been appointed agents on the scheme.
‘Axis will be well placed to take advantage given the lack of floor plates below 5,000 sq ft in the pipeline.’
Whitaker Horton advised on the deal and WHR and P3 are joint agents.