ASK and you shall be given, say Manchester property developers celebrating a £16m tax-busting deal.
Ask Developments and their partners Crosby Homes have sold their new office and residential scheme at Quay Street to Irish investors for £16m.
The sale was rushed through late last week to beat Gordon Brown’s budget changes which imposed stamp duty on the sale of commercial property in central Manchester.
Irish investment company Summerise, led by Limerick based Morgan Leahy, has agreed to purchase the second phase of the Rossetti Place scheme, called Bauhaus.
The building is on Quay Street, Manchester, for a price reflecting an anticipated yield of 6.9 per cent. Bauhaus at Rossetti provides 50,900 sq ft of offices of the highest institutional specification including comfort cooling, raised floors and a stunning double height entrance hall.
On completion in late Spring 2006, the scheme will consist of a nine-storey tower clad in steel and glass, together with 65 luxury apartments, a boutique hotel and an attractive courtyard, which will link it with the first phase of Rossetti Place.
The building, offering 45 basement parking spaces, will be available to lease from 3,567 sq ft upwards. The quoting rent is £25 per sq ft with a charge of £3,000 per parking space.
The news comes two years after Crosby:Ask revealed it had sold the first phase of the scheme to German property investment company Oppenheim Immobilien KAG in a £17m deal.
Stephen Cliff, development executive at Ask Developments said: “This is a great deal for Crosby:Ask and we look forward to working with Summerise to achieve lettings in a market where there is little office supply.”
Morgan Leahy commented: “We are delighted to be able to mark our entry into both the Manchester office investment market with this high quality, impressive development, which offers great potential.”
Ask added: “In purchasing this speculative development, Summerise is demonstrating confidence in the region’s lettings market with lettings now being handled by Lambert Smith Hampton and Dunlop Heywood Lorenz on Ask Development’s and Summerise’s behalf.”