Luxembourg real estate and private equity group Parthena Reys has acquired the iconic One Hardman Boulevard building in Manchester’s thriving Spinningfields district.
The deal's value remains undisclosed, although the price tag is rumoured to be close to £250 mln (€291 mln). NatWest Group picked up the building in 2021 from the Pension Protection Fund (PPF) for £292 mln (€340 mln).
Completed in 2004, One Hardman Boulevard is considered the largest office building in Manchester. It offers nine floors of office space, crowned by ground-floor retail, with another two basement levels.
Parthena Reys plans to complete refurbishment work by late 2024, offering best-in-class workspace. Boasting Manchester’s largest Grade A floor plate at a flexible 3,716 m2, the reimagined building caters to diverse needs, welcoming companies seeking anything from 929 m2 upwards.
The vision is to elevate One Hardman Boulevard into a flagship Grade A development with ESG credentials. Parthena Reys will unveil the full-scale refurbishment plans in early 2024.
Will Kennon, executive director at CBRE’s Investment Properties team, said: ‘This acquisition represents a strategic, counter-cyclical investment by our client, acquiring a Grade A building in the heart of Spinningfields, with a business plan to release newly-refurbished workspace back into a supply starved market in 2025. With new-build development unviable at rents of below £50psf, we are expecting existing best-in-class assets to experience strong growth over the next 12-24 months and look forward to working with our client on the repositioning and leasing strategy.’
CBRE and Addleshaw Goddard advised Parthena Reys, while Cushman & Wakefield, and DLA Piper supported NWG.
