Billionaire Duke buys up historic landmark
DEAL ADDS SHIP CANAL HOUSE IN CITY CENTRE TO WEALTHY LANDOWNER’S REGIONAL PROPERTY PORTFOLIO
THE Duke of Westminster has added a Manchester landmark to his extensive property portfolio.
The billionaire aristocrat’s property operation, Grosvenor, snapped up the grade II-listed Ship Canal House in Manchester city centre for an undisclosed sum.
The deal adds 73,000 sq ft of space to the company’s c.£200m regional office portfolio, whose other notable North West investments includes Liverpool ONE .
Built in 1927 for the Manchester Ship Canal Company, Ship Canal House is located on King Street and is occupied by Gateley, Oaknorth, Vardags, Hall Brown and Flight Club.
The announcement follows the recent acquisition of 1 Victoria Street and the Prudential Buildings in Bristol, boosting Grosvenor’s regional office portfolio to 500,853 sq ft of space across seven buildings, with Canada House and The Hive also located in Manchester.
Grosvenor said it will invest in Ship Canal House to improve its environmental credentials as well upgrading the office accommodation and building amenities.
Investment director
Keith Bailey said: “Manchester’s office market continues to rebound well in this post pandemic period with good levels of office demand and take up.
“We are confident that high quality offices in strong locations such as this with a good amenity offering will perform well.
“Ship Canal House is a highly regarded Manchester CBD office asset and through investment in the building we believe it can pivot well to meet the evolving demands of office occupiers and accord with our corporate objectives on environmental performance and service offering.”
CBRE acted for Grosvenor on Ship Canal House.