PRESS RELEASES /
44m footbridge linking Salford to Manchester installed
Brown Shipley Moves to Award-Winning 3 Hardman Street
Allied London sells 3 Hardman Street to Pan-European Fund Manager Ærium
Marks & Spencer moves to Spinningfields
ACCOLADES BUILDING UP FOR SPINNINGFIELDS
Allied London continues to impress
General Medical Council takes a further 10,000 sq ft at 3 Hardman Street
3 Hardman Street wins Best Commercial Workplace at BCO Northern Awards
The General Medical Council moves to Spinningfields, Manchester
BDO STOY HAYWARD NAMED AS LATEST TENANT AT 3 HARDMAN STREET
18 March 2010
Allied London sells 3 Hardman Street to Pan-European Fund Manager Ærium
Award winning UK property developer Allied London Properties Ltd has sold 3 Hardman Street in Spinningfields, Manchester to European fund manager Ærium, for £183.5m based on total rental income of £11.8m per annum.
The sale allows Allied London to continue to manage the multi award-winning building at the heart of Spinningfields, Manchester’s new business district.
3 Hardman Street was purchased by the Glenn Arrow UK Property Fund, a £600m Luxembourg Core plus fund launched by Ærium in November 2008 to acquire trophy office and retail assets in prime UK locations. Purchases since its launch include 40 Portman Square in London’s West End and One Wood Street in the City of London.
3 Hardman Street is home to financial and professional services firms including BDO LLP, BNY Mellon, Pinsent Masons, Baker Tilly, Barclays Bank, Shoosmiths, The General Medical Council, PKF and Beachcroft. Other key tenants include Marks & Spencer and Pure Gym. A pioneering partnership between Allied London and serviced office provider Regus means 3 Hardman Street is also home to more than 20 small businesses.
Designed by Sheppard Robson, 3 Hardman Street totals 350,000 sq ft of Grade A office space and boasts the largest floorplates outside of London ranging from 10,000 sq ft to 35,000 sq ft. The 13-storey building obtained a BREEAM 'excellent' rating for energy-efficiency.
The building is the most recent to be completed by Allied London at Spinningfields and has already won a string of awards including Best Commercial Workplace at the Regional BCO Awards which highlighted Spinningfields’ reputation for quality and design, even at the height of a global economic downturn.
3 Hardman Street was also named ’Best Development Outside London’ at the Property Week Awards where the judges recognised Spinningfields as the “largest city centre office scheme in the UK with the latest landmark office building.”
Michael Ingall, Chief Executive of Allied London, said: “The successful sale of 3 Hardman Street is testament to its success as a landmark building and the continuing success of Spinningfields where we now have a total of 43 organisations operating within the estate. This building is the best commercial building outside of London. Ærium is a blue-chip investor for this prime asset and we will continue to work with Ærium on this asset to further enhance the value.”
Robin Carr, UK Acquisition Director of Ærium, commented: “In a prime location and well-let to blue-chip tenants, 3 Hardman Street fits perfectly into the Glenn Arrow UK Property Fund and into our investment strategy of buying prime-located trophy assets representing long term value and strong potential returns.
“Spinningfields is a world-class business location and the leading commercial district in Manchester. The acquisition of 3 Hardman Street, the largest office building in the city, underlines not only the fund’s ambitions, but Manchester’s outlook as a business destination.”
Ærium manages a series of closed-end property ventures focused on high-quality, income-producing office, retail, industrial and/or mixed-use sector facilities in top tier Western and Central European markets.
The firm, which made its UK investment debut in 2009 with the purchase of more than £280m of property assets in the West End and the City of London, has in excess of 650 property assets worth more than €8bn under management throughout Europe.
