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Friday, October 20, 2023

King Sturge acts on £140m acquisition

Morley Fund Management buys offices in the new Spinningfields business district

Morley Fund Management, on behalf of Norwich Union Property Trust, bought the 180,000 ft² 3 Hardman Square let to law firm Halliwells and the 52,000 ft² 4 Hardman Square at a yield close to 4.75%.

Both buildings are designed by Foster & Partners.

Half the space in 4 Hardman Square is let to accounting firm Grant Thornton. HSBC is said to be close to signing for the remaining 26,000 ft².

Morley has bought a 250-year lease on the office element of the two buildings, while the five restaurants below remain in Allied London's possession.

Allied chief executive Mike Ingall said: "Our ultimate aim is to establish a separate investment vehicle for the retail element of Spinningfields.

"Ideally, we want the retail element all under the control of the same owner, and we feel we are the best people to asset-manage it."

The Morley deal came about following Matrix Securities' failure to conclude a £200 million purchase of 3 Hardman Square and 2 Hardman Street, also part of Spinningfields, earlier this year.

Allied subsequently invited bids for a combination of the three buildings it had available. The developer is now seeking a purchaser for 2 Hardman Street, which is let to Guardian Media Group and Deloitte.

King Sturge represented Morley and Dunlop Haywards and Jones Lang LaSalle acted for Allied London; Stephen Lewis & Partners.

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