The Co-operative Group and Hermes have exchanged contracts with Castlebrooke Investments to sell Manchester’s CIS Tower.
The price agreed for the former Co-operative Group headquarters was in excess of the £65m guide price.
The CIS Tower comprises 388,000 sq ft of office space over 28 floors and sits on a 1.5-acre site in the heart of NOMA – a major urban regeneration scheme which includes the Co-operative Group’s new office at One Angel Square and is being delivered in a joint venture between the Co-operative Group and Hermes Investment Management.
A Castlebrooke spokesman said: “The CIS Tower is the most significant asset management opportunity remaining in Manchester. We are fully committed to working with NOMA as our neighbours, and occupiers the Co-op, to ensure the CIS Tower fulfils its potential, as well as building Manchester’s presence on the world property stage.”
A NOMA spokesman said: “The sale of the CIS Tower is part of our ongoing strategy to regenerate this important community in Manchester city centre. The tower will remain a crucial part of the wider NOMA estate while the JV team focuses on developing key sites, including Dantzic, Hanover, and Redfern.
“The sale allows us to reinvest capital into NOMA while also maintaining momentum by bringing in other investment.”
Colliers and JLL advised the NOMA JV; Castlebrooke was represented by CBRE.
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
