AM alpha buys historic Edwardian-style office building in Manchester
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AM alpha, a privately-owned real estate family office based in Munich, Germany, has acquired 196 Deansgate, a commercial building in Manchester, UK, for an undisclosed sum. The seller was Commercial Estate Group (CEG).
Designed in the Edwardian Baroque style by one of Manchester’s leading architects, Charles Heathcote, and constructed in 1904, 196 Deansgate is a Grade II-listed building located within the Deansgate/Peter Street Conservation Area. It opened in 1908 as the Royal London Friendly Society.
Nearby Spinningfields is an established office area with abundant entertainment and dining options. Martin Lemke, managing director of AM alpha, said in a recent release: “As an independent family office, AM alpha can invest anti-cyclically.”
The building underwent extensive refurbishment over the last few years, with the latest phase completed in 2021. It now has highly versatile, mostly Category-B office space, split across a basement, ground floor, and five stories. The 5,900 sqm (63,508 sq ft) of office and retail space is almost fully leased.
This is the second Manchester property owned by AM Alpha. The firm is in the midst of a GBP 70 million redevelopment of the Grade-II listed former Debenhams store on Market Street, turning the building into an office building with an accompanying shopping arcade.
Manchester has seen major development in recent years, becoming a major centre for technology, digitalisation, and creativity, noted AM Alpha. The company received advice from Cushman & Wakefield and CMS on the transaction.