The Ironworks
King Street, Manchester
Availability
Sold
Purchased
£1.64m
Value
£3.0m
ROI
67.5%
Description
Purchase of a City Centre mixed use property with Vacant ground floor and mothballed upper floors. Extensive redevelopment to the upper floors to provide modern office space which was let to new Tenants and asset management at ground floor to achieve a new letting to Sharps Bedrooms before disposing of the asset.
More Information
About
The Ironworks, located at 39 South King Street, Manchester, M2 6DE, is a beautifully refurbished period building offering boutique office spaces in the heart of Manchester city centre. The Ground floor features a retail unit fronting King Street, which is a historic prime Manchester City Centre pitch home to a number of high end and luxury national and multiple retailers.
Project Details
HMG acquired the property in XXXX for £1.64m and immediately undertook a full programme of refurbishment to the vacant upper floors to provide modern space. The specification included full recarpeting / redecoration, LED flat panel lighting, 24 hour secure intercom access and internet connection at a cost of £151k. The vacant ground floor was ultimately let to Sharps Bedrooms and the investment disposed of for £3m. (adjusted to reflect rental guarantees)
