One of Manchester’s most beautiful, but unsung historic buildings, has been secured by some of the region’s brightest new talents.
Lloyd's TSB Bank, Manchester
In their first joint venture, Infinity’s property fund and Vision Developments have completed the purchase of 53 King Street in central Manchester. The £6 million purchase sees both organisations securing an equal share in the property, which houses Lloyds TSB.
The building totals 43,000 sq ft, and includes a large banking hall on the ground floor. Lloyds TSB currently has two years remaining on the lease, providing Infinity and Vision Developments with an attractive income in a prime central Manchester location.
Stephen Cliff, managing director at Vision Developments, said: “The building was built for Lloyds TSB nearly 100 years ago and Lloyds has been in occupation ever since it was built. Lloyds TSB has a lease which is shortly to come to an end, and we have already begun to evaluate how to maximise the building’s potential both in terms of aesthetics and uses. However future plans for the building have not yet been finalised, and we intend to work closely with our current tenant.”
Les Lang, property partner at Infinity, commented: “This investment is significant as it marks a successful and very attractive deal in the current climate. The building has three excellent entrances onto King Street and Cross Street creating untold potential for modernising and transforming some of its staid interiors without impinging on its history and heritage.”
Morgan Leahy, co-founder of Vision Developments added “We saw this as an extremely rare opportunity to acquire a landmark building in the city centre. The purchase price, which equates to an initial net yield of 12%, would have been unthinkable 12 months ago.
Lang added: “Infinity’s property fund is committed to the funding and development of innovative projects and the acquisition of such an iconic building is a step which we found particularly appealing. I’m delighted to be working with Vision. As like-minded companies, we can share our skill-sets and knowledge, to make this a very productive deal. Having previously worked with Stephen Cliff, I’m confident that this joint venture will be the start of a long and fruitful relationship with Vision.”
Infinity and Vision have worked alongside a number of partners on the deal. These include: commercial real estate agents Knight-Frank led by partner Steve Carrick, and solicitors Brabners Chaffe Street led by partner Mathew Dobson.