A consortium of private investors has paid more than a quarter-of-a-million pounds for the Art Deco former Dock Office building at Salford Quays. The iconic Grade II listed building was once part of a debt-ridden property portfolio sold on by Lloyds TSB.
LiveMan Properties, a special purpose vehicle set up solely for the acquisition, purchased the property from receivers at GVA. The commercial agent was acting for US-based Kennedy Wilson which bought both the 61,200sq ft Dock Office and Manchester’s equally impressive Arkwright House when it acquired a portfolio of distressed debt from Lloyds TSB.
That Deutsche Bank-backed deal meant Manchester landlord, the Wrather Group, finally lost control of Arkwright House, for which it had paid £18.5m, and the Dock Office bought for £7m. It’s understood that Arkwright House, which is also a Grade II listed property, is currently under offer to London-based property investor Catalyst Capital.
The white stone Salford Quay Dock Office is situated on Trafford Road close to MediaCityUK, the Lowry Outlet Mall and Lowry Theatre. “At the moment the property provides office accommodation over four floors and basement,” explained GVA associate Gareth Conroy. “The site also benefits from a large parcel of adjacent land which could offer additional parking facilities for the occupier or, alternatively, further development opportunities.”
While owned by the Wrather Group the building underwent extensive refurbishment with the impressive timber panelled main entrance hall, marble tile floor and original period staircase all restored to their 1920s look.
Little is known about the Dock Office’s new owner. LiveMan Properties was registered last October in London with Guy and Michael Marsden as directors. Part of the £2.6m it paid for its first acquisition is thought to have come from a group of Manchester businessmen.
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