AM alpha buys historic Edwardian-style office building in Manchester
Independently-controlled and Munich-based real estate family office AM alpha gained control legally of 196 Deansgate, a commercial tower in Manchester, UK, for a phenomenal amount. The vendor is Commercial Estate Group (CEG). The building was specially designed by one of Manchester’s famous renowned architects, Charles Heathcote, in the Edwardian Baroque style and established in 1904. Grade II-listed and located in the Deansgate/Peter Street Conservation Area, the real estate began operating in 1908 as the Royal London Friendly Society. The building is located within seamless access to Spinningfields, an established office sector with an abundance of entertainment and dining options. The Manchester locale offers exponential growth potential, says AM alpha, which is tasked exclusive by a pension fund manager from Hamburg. Cushman & Wakefield and CMS advised AM alpha on the deal.
“As a independent family office, AM alpha can invest with flexibility” says Martin Lemke, managing director of AM alpha, in a speech released on August 31. The tower has been retrofitted thoroughly in recent years, with the updated stage of splendid extensive renovation work completed in 2K21. Today, the property offer superior open-concept, mostly Category-B offices that can be subdivided hassle free.The 5,900 sqm (63,508 sq ft) of office and retail space spread over a basement, ground floor and five level of space. The space is tenanted out almost fully taken. 196 Deansgate is the second development in Manchester legally controlled by AM Alpha. The real estate family office is in the middle of a GBP 70 million extensive renovation works of the Grade-II listed former Debenhams store on Market Street into an office building with a commercial units. In recent years, Manchester has seen incredible portfolio and become a crucial gathering point for technology, digitisation and creativity, commented AM alpha.
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