Manchester’s historic 53 King Street office space, home of Lloyds TSB, has been sold for £6m to the new investment team of Infinity’s property fund and Vision Developments.
Purchasing the iconic office is the first joint venture between Infinity and Vision Developments, who will each get an equal share in the 43000 square foot office space.
The £100m Infinity Property Fund was launched last year by development company Abito’s former MD, Les Lang.
Abito is a subsidiary of Ask Developments, a company for whom Vision Developments’ co-founder Stephen Cliff was once a director. He set up Vision Developments with Irish Investor Morgan Leahy in June last year.
Lloyds TSB, who have occupied the central Manchester office space for more than 100 years, have another two years remaining on their lease. There is speculation as to whether the new joint venture will see the office space re-leased to Lloyds, or whether the historic offices will undergo renovation once the current lease is up.
Les Lang said: “The building has three excellent entrances on to King Street and Cross Street creating untold potential for modernising and transforming some of its staid interiors without impinging on its history and heritage.”
Tags: Infinity, Vision Developments