Manchester office building sold

Office design news from Morgan Lovell

Published on 14-05-2010

Town Centre Securities (TCS) has sold an office building in Manchester for £5.2 million.

Specific details of the deal are yet to be announced, but the company noted the property was purchased by asset manager Threadneedle.

"Our criteria for property acquisitions is to identify value which we can create. This relies on identifying well priced opportunities with value today, not the promise of value tomorrow," a TCS statement read.

Over the past year, the firm has sold a number of Manchester developments, including an office building on Dale Street for £7 million and the upper floors at the former Daisy & Tom toy store on Deansgate for £1.75 million.

TCS is a UK property investment firm that in total manages assets in excess of £276 million.

It was founded in 1959 and was floated on the London Stock Exchange in 1960. The company has a present share value of £1.57 (May 14th, 13:45 BST) - up by 5p or 3.29 per cent since the opening of trading this morning.

Posted by Ian Johnson.