Manchester’s Onward Buildings sold
Agha Group has acquired the grade two-listed building off Deansgate from Mayer Investments in an off-market, multi-million-pound deal. The exact sales figure was not disclosed.
The 11,700 sq ft Onward Buildings sits at 205-209 Deansgate. Designed by Charles Heathcote, the five-floor leisure and office block dates to 1904.
Turkish restaurant Topkapi Palace and cocktail bar Rendition occupy the ground floor and basement of the building. More than half of the first floor is leased to 207 Dental Care, leaving the remaining 4,700 sq ft vacant.
Agha Group wants to take this vacant space and refurbish it, creating high-quality and flexible workspaces.
Agha Group’s acquisition marks the first time the building has been sold in 40 years. Fisher German investment partner Dominic Evans represented Agha Group on the deal, while Commercial Properties managing director Gary Scorah acted for Mayer Investments.
Legal support came from Joe Brolly of Square One Law and Jeremy Lee of Bexley Beaumont.
Agha Group chief executive Agha Anwar said he was “delighted” to add Onward Buildings to the company’s portfolio.
“It’s an attractive building with excellent core income and inherent upside potential,” Anwar said.
“Once refurbished, the vacant accommodation will provide flexible suites at an attractive price point to meet occupational demand from smaller occupiers seeking a city centre presence.”
Fisher German’s Evans was similarly pleased.
“We are confident that Agha Group’s ownership will be the start of a prosperous new chapter in Onward Buildings’ history,” Evans said.
He also described the impact Agha Group’s refurbishment plans would have on the local office market, and how it would provide “an interesting opportunity for tenants looking for character space in the centre of Manchester”.
“The size of suites will fit well with the resilient demand from smaller requirement occupiers, which make up a large proportion of the annual take-up in Manchester,” he continued.
