Located in Manchester's central business district, Barnett House contains 10 floors of currently unoccupied office space.

The property has been purchased by Satis Group, a property development company based in Cheshire.

The building was ‘opted to tax’, meaning VAT was payable on top of the agreed purchase price and needed to be funded from completion of the acquisition until HMRC refunds the VAT after two-to-three months.

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Commenting on the deal Tom Morley, director of Satis Group, said: “Barnett House represents Satis Group’s second office purchase in Manchester city centre.

“The building will undergo a comprehensive refurbishment to provide fantastic Grade A office space in Manchester’s business district.

“It was great to work with Adsum on the purchase, who acted both quickly and diligently in providing funding for the VAT payable.”

Freddie Digby, director at Adsum, commented: “It was a pleasure working with Satis Group on this transaction — the collaboration underscores Adsum's commitment to supporting UK property developers, providing upfront funds to cover the VAT payable on commercial property acquisitions.”