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Towers Business Park sold for £47m

Property investor Moorfield has bought Didsbury's Tower Business Park in a deal worth £47 million.

The London-based organisation bought the development from Dutch investor Wereldhave, which acquired the Towers in 2005 from Hermes for £83 million.

Occupiers at the Towers include John Lewis, British Airways and Vodafone.

The opportunity was identified through Moorfield's joint venture with Manchester's Property Alliance Group, the latter of which will manage the site.

Marc Gilbard, chief executive of Moorfield Group, said, “The partnership has worked hard over the last 24 months to find the right opportunities to acquire in the North West.”

The new owners plan to refurbish the 19-acre site which includes a landscaping programme.

Property Alliance Group director Dominic Pozzoni said the Towers, which consist of nine office buildings, have it all.

"The location, ample amenities, strong existing occupiers and the ability to expand in its use and appeal for further occupiers," he added.

Towers Business Park sold for £47m
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