Town Centre adds the home of legendary bands to its portfolio
PROPERTY DEVELOPER Town Centre Securities (TCS) has bought Ducie House, a 33,000 sq ft office building with a 63-space car park in Manchester, for £9m.
The Leeds-based firm said there are around 50 tenants based in the building at the moment and there are a number of units available to let. The majority of units are let on an all-inclusive flexible lease basis producing an annual income of £675,000.
The deal will be TCS’s fifth in the area as it continues to invest in the regeneration of Piccadilly Basin.
Contracts have now been exchanged between TCS and Urban Splash, the former owner of Ducie House, which converted the building from a petticoat factory into loft-style workspaces two decades ago.
TCS has a mixture of retail, commercial and residential developments in the area, including Urban Exchange, Carver’s Warehouse and Burlington House, with a focus on developing the south-eastern side of Great Ancoats Street as a link to city centre.
Situated on the fringe of Manchester’s Northern Quarter and a two-minute walk from Piccadilly Station, the city’s busiest mainline and Metrolink station, TCS said Ducie House is a contemporary development which provides flexible work solutions for businesses of varying size.
There are currently 64 office and studio spaces ranging in size from 82 to 3,900 sq ft and these spaces have been occupied by iconic Manchester bands such as 808 State and Simply Red, as well as ANS, UK Fast and Ask Developments.
Edward Ziff, chairman and CEO of TCS, said: “We believe the building will be a valuable addition to our existing assets at Piccadilly Basin.”