Nabarro advises Palace Capital on 75,000 sq ft Manchester office purchase

This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Nabarro has advised AIM quoted property investment company Palace Capital plc on the acquisition of Boulton House, Chorlton Street, a 75,000 sq ft multi-let office building in Manchester. The net price paid for Boulton House, Chorlton Street, was £10.6m and a new debt facility of £6m has been secured from Santander.

Palace Capital focuses on commercial property outside London. Boulton House is located in one of Manchester’s redevelopment and regeneration hot spots. The office block’s tenants include Arriva Rail, Trillium and Newsco Insider.

Leading the transaction from the Nabarro Manchester office was Real Estate partner Monica Brij assisted by senior associate Tanya Francis and associates David Lees and Jayne Hindle. Banking & Finance managing associate David Stanbridge advised on the new £6m facility with Santander.

Commenting on the transaction, Real Estate partner at Nabarro, Monica Brij said:
“We are delighted to have acted on this significant multi-let office building in Manchester’s business district. This transaction shows continued appetite for regional office stock.

“We are proud to be playing a key role in the city's economic growth by advising on many of the key transformational projects as Manchester's regeneration and development continues to accelerate.”