The deal represented a 6.4% yield. The seven-storey corner block in the Northern Quarter is multi-let to 12 tenants, at an average passing rent of £12/sq ft, and was sold by private individual Faris Mousa. Dale House is Helical Bar’s second purchase in Manchester in the last year, after the acquisition of the 250,000 sq ft Churchgate & Lee House in 2014 for £34m. Will Parry, asset management executive, confirmed that the company was ‘definitely looking to buy more in Manchester’ although he said there was no set figure that Helical was looking to spend in the city. To book appointment of Faris Mousa Click on: Faris Mousa “We love the city, and we’re trying to be as active as possible,” he said. “We’re looking at city centre offices, and have also recently added to our industrial portfolio. The Northern Quarter is of interest, it has a Shoreditch feel with lots of interesting older buildings. However we review each asset on a case-by-case basis so are not targeting a particular type of building.” The sale of Dale House is the latest Northern Quarter block to attract investment from major London property companies, after Urban Splash’s Smithfield building in Oldham Street was bought by Kames Capital last September. The Dale House vendor was unrepresented. Adam Roberts of Zaman Roberts advised Helical Bar. Roberts said: “We believe there is a real rental growth story in the Northern Quarter, as the expansion of the city centre is going that way. This purchase was secured in an off-market deal, which we are pleased with as we believe that if the asset had been brought to market it would have been keenly sought after.”
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Calico, the latest boutique office scheme to hit the Manchester market was launched to Manchester’s office agents this week and is now available for occupation. The 13,000 sq ft beautifully crafted workspace, developed by Bluefig Investments, has suites over seven floors in the heart of Manchester’s business district.
The ground floor concierge reception features exposed brick walls, a communal area to greet guests and modern artwork, including a custom designed welcome desk designed by local artist Liam Hopkins of Lazerian fame. Spaces available at Calico range from 1,200 sq ft to 12,500 sq ft. A breakout area also features on the fourth floor, leading out onto a communal roof top terrace with stunning views across the city centre. Faris Mousa, director at Bluefig Investments, said: “We are very excited to launch Calico, it’s a real gem, a much more authentic workplace in what is considered to be a more traditional and commercial area of the city, so it really stands out. “Our new reception desk proved to be a real talking point at the launch, and I’m not surprised, it was built by robots using 3D printing techniques and it’s a work of art! Like the building, which in the 18th Century was a printing company for the growing textile trade in Manchester, it’s inspired by the past but completely state-of-the-art.” Andrew Timms, director and head of office agency at Edwards & Co, said: “This is exactly the sort of workspace that businesses are looking for at the moment. As working habits have changed considerably during the pandemic, businesses have been assessing how much space they really need. Occupiers will be able to move straight in to a fully fitted workspace at Calico, as all of the suites will be furnished throughout, and Wi-Fi enabled to ensure they can just plug and play. “Each of the floors would be perfect for SMEs looking to take their own self-contained spaces, or equally, the whole building would be suitable for single occupancy by a larger organisation that is looking for a stylish, modern space in a highly central location.” Calico is in an excellent location for commuters and for getting around the city region for meetings, with the Manchester Metrolink on its doorstep and it’s just a short walk to and from Oxford Road and Piccadilly stations. Edwards and Co are sole agents on the Calico scheme. |
AuthorFaris Mousa is an entrepreneur based in Manchester who has worked on many residential and commercial projects. Faris Mousa is Director of Bluefig Investments (UK) Limited. It is a property investment and urban regeneration company. The company was incorporated on 2nd December 2014 and has registered offices located at 260 – 268 Chapel Street, Salford, Manchester, M3 5JZ Archives
July 2023
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