Orchard Street Investment Management has agreed to forward buy Wilson Bowden’s Belvedere House in Manchester.
Belvedere House in Booth Street in the city, a £50m 103,000 sq ft office building with restaurant and café’s on the ground floor, is due to complete by October 2008.
Largest floor plate 16,000 sq ft
Orchard Street is funding the scheme, which has floor plates as large as 16,000 sq ft, on behalf of a UK pension fund client.
Chris Bartram, a director at Orchard Street, said: ‘Belvedere is a strategic acquisition for a large UK pension fund client’s portfolio. 100% of the funding for the scheme is being provided against a flexible final price arrangement whereby the success of the letting campaign will define the total purchase cost.’
Lettings to be secured in next 12 months
Robert Grafton, a director at Wilson Bowden Developments, said: ‘We are confident of securing good lettings during the next 12 months.’
Jones Lang LaSalle acted for Wilson Bowden, and Orchard Street were represented by Sanderson Weatherall. WHR and Jones Lang Lasalle have been appointed as letting agents.
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