10 JANUARY 2022

Grosvenor acquires second Manchester asset

Grosvenor has completed the freehold acquisition of Canada House a 67,809 sq ft Grade II listed office building on Chepstow Street in the centre of Manchester.

Built in 1909 as a textile packing warehouse, the eight storey building is multi-let to occupiers including Puma, TBWA Worldwide and Historic England and provides occupiers with excellent amenities in an enviable central location.

Following a comprehensive refurbishment by Kinrise in 2017, Canada House is set up to run with a minimal environmental impact. Fit-outs have been completed to a GOLD SKA rating, rainwater is harvested for use in the building with landlord areas already powered by green energy and all landlord controlled waste diverted from landfill.

Grosvenor will work to further improve the amenity offer and operational environmental performance of entire asset through collaboration with tenants and instituting green leases.

Keith Bailey, Investment Director, Grosvenor, commented: “Manchester is one of the UK’s strongest regional office markets. As a recently refurbished sustainable office building with character, Canada House complements our growing portfolio across the regions.”

GBI’s Investment team, actively manages a c£1 billion UK property portfolio, comprising newly acquired and existing assets and projects outside of its Mayfair and Belgravia holdings. Its focus is on income producing assets where it can enhance their environmental, social and commercial performance and build scale in new markets. This includes the expanding offices portfolio, Grosvenor’s stake in Liverpool ONE and its Strategic Land business.

This is Grosvenor’s fourth regional office investment in six months, having also acquired Toronto Square in Leeds, The Hive in Manchester and 134 Edmund Street in Birmingham.

CBRE acted for Grosvenor. OBI and Carrick Real Estate acted for Kinrise. The terms of the transaction are not disclosed.

About Grosvenor

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Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.

We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.  

With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities. 

Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term.

For more information contact:

Rachel Garstang

Head of Corporate Communications & Stakeholder Engagement Grosvenor

+44 (0)20 7312 2341 ext.6957

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