Flexible workspace specialist, G8 Consult, has announced that it has advised established Manchester co-working operator, Accelerate Places, on the sale of the lease and business on its premises at 101 Princess Street central Manchester.
Sold to service-office provider Incspaces for an undisclosed sum, G8 Consult have revealed that negotiations on the sale of the assets and business have been continuing since the middle of lockdown and were completed just days before Manchester was placed into tier three.
The deal involved the “simultaneous surrender” of the old leases and regranting of a new lease by the Landlords, to the buyer.
Accelerate Places had leased the first and second floors of the converted Victorian warehouse (c. 11,500 sq ft) since 2016 at a rent of approx—£ 16 per sq ft. However, with the lease due to expire in Q1 2023, Accelerate Places appointed industry expert Douglas Green of G8 Consult to explore a sale.
Commenting on the sale, Douglas Green, Managing Director of G8 Consult, said: “I am delighted to have managed to complete a complicated transaction not helped by lockdown measures. This is likely the first of a number of calculated exits by some Operators looking to expand nationally with new JV models with landlords that will be more robust and sustainable for both parties in the future post Covid.”
Accelerate Places was created by the UK’s leading digital venture builder, Blenheim Chalcot, which has been acquiring and operating locations for innovative, scaling companies in London, Nottingham and Manchester since 2016.
Gregg Whiting, Investment Director of Accelerate Places also commented on the transaction, stating: “This transaction represented the ideal exit of an asset which was no longer core for us as we focus on our Scale Space properties. These technology and innovation hubs will be connected to top tier universities such as our White City 200,000 sq ft JV with Imperial College.”