JMW Solicitors’ Real Estate team has advised on the purchase of landmark Manchester building, Barton Arcade, for £18.25m in a deal that exchanged in just two weeks.
Barton Arcade, a prominent Grade II listed building within Manchester’s fashionable shopping district, was purchased from Mansford LLP, a private European multi-strategy real estate firm, by a Singapore-based family office.
Barton Arcade is one of Northern England’s most elaborate and well-preserved Victorian Arcades, having undergone an extensive refurbishment in the 1980s. A beautiful glass and iron shopping arcade, it is now home to offices on the upper floors, plus boutique clothing stores, a popular coffee shop and ground-floor retail units.
JMW advised the purchaser, along with Manchester-headquartered wealth management firm, Artorius.
Ruth McCarthy, Partner and Joint Head of Real Estate said: “This was a fantastic transaction to be involved with, particularly since Barton Arcade is one of Manchester’s best known and loved buildings.
“Our specialist Real Estate team is handling an increasing volume of deals on behalf of investors, which is a positive indication of the city’s continued attractiveness. Our investment team has grown significantly during the last 12 months as a result, and will no doubt continue to expand as investors continue to target Manchester as an alternative to London.”
She continued: “Our investment team was appointed to advise following the request that this deal be handled by a Manchester-based law firm – another positive indicator that the outdated reliance on London firms continues to diminish.”
Andrew Stone, Partner at JMW Solicitors, who led the transaction team, said: “Barton Arcade is a prominent, well-located building that is a strong addition to our client’s portfolio and will no doubt prove a solid investment. This is our client’s second acquisition in Manchester – its only UK property assets – illustrating the city’s continued attractiveness for foreign capital.”