20 JUNE 2022
Grosvenor has completed the freehold acquisition of Grade II listed Ship Canal House in Manchester, adding 73,000 sq. ft of space to its c£200 million regional office portfolio.
Built in 1927 for the Manchester Ship Canal Company, Ship Canal House is one of Manchester’s best known landmark buildings, situated on King Street, a prime location in the heart of Manchester’s financial and commercial district.
Blending historic architecture with modern office space, Ship Canal House is occupied by Gateley, Oaknorth, Vardags, Hall Brown and Flight Club.
Today’s announcement follows the recent acquisition of 1 Victoria Street and the Prudential Buildings in Bristol, boosting Grosvenor’s regional office portfolio to 500,853 sq. ft of space across seven buildings, with Canada House and The Hive also located in Manchester.
Grosvenor will invest in Ship Canal House to improve its environmental credentials as well upgrading the office accommodation and building amenities.
Keith Bailey, Investment Director, Grosvenor said: “Manchester’s office market continues to rebound well in this post pandemic period with good levels of office demand and take up. We are confident that high quality offices in strong locations such as this with a good amenity offering will perform well. Ship Canal House is a highly regarded Manchester CBD office asset and through investment in the building we believe it can pivot well to meet the evolving demands of office occupiers and accord with our corporate objectives on environmental performance and service offering”
Grosvenor’s Investment team actively manages a c£1 billion regional UK property portfolio, comprising assets and projects outside of its Mayfair and Belgravia holdings. Its focus is on assets where it can enhance their environmental, social and commercial performance and build scale in new markets. This includes the business’ investment in, and management of Liverpool ONE, its Strategic Land and residential development businesses and office portfolio.
CBRE acted for Grosvenor on Ship Canal House. The terms of the transaction are not disclosed.
About Grosvenor
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Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.
We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.
With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities.
Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term.
Matthew O'Connell
Senior Public Affairs & Communications Manager
+442073126153
matthew.oconnell@grosvenor.com