Charles Street supports £14m Manchester office acquisition

Charles Street Finance has provided a multi-million-pound loan for SiteQuest Group to acquire the Manchester International Office Centre (MIOC), next to Manchester Airport.

SiteQuest is now progressing a refurbishment programme to install double glazing and replace outdated gas central heating with a more energy-efficient variable refrigerant flow (VRF) system.

As part of SiteQuest’s rolling programme to improve the building’s sustainability, it is also refurbishing offices as they become empty, and researching roof-mounted solar panels and other future energy-saving measures.

Will Blackwell, director at SiteQuest, said: “MIOC fits our strategy perfectly. Multi-let estates like this let us work closely with occupiers and accommodate them as their needs change — upsizing or downsizing without them having to leave.

“We are some way through our refurbishment programme already and plan to make the building best in class in terms of energy performance and sustainability.

“The centre has had extensive refurbishment over the years, and we are currently undergoing works that will make it even more attractive for our tenants and will last for years to come.”

The building has undergone a complete internal transformation with refurbishment of the reception and common areas, and now includes a fitness centre with changing rooms and showers, plus a café and a business lounge.

There is also a tree-lined walk, a large lawn used for regular tenant events such as summer barbecues, and nearly 550 parking spaces, including EV charging points.

Charles Street Finance provided a facility for its purchase, supporting SiteQuest’s wider growth strategy, which includes expanding its commercial property portfolio.

Earlier this year, the lender also provided a £2m revolving credit facility allowing the group to buy part of Deeside’s Zone 1 Industrial Estate.

Charles Street director Carl Graham said: “We’re proud to continue supporting SiteQuest as it continues to grow its already-successful business.

“The MIOC is a fantastic building that still retains that 1950s style while providing modern refurbished offices for its tenants.

“It’s fantastic to be working as finance partners with such an entrepreneurial family and we are excited to see their sustainability plans for the Manchester International Office Centre come to fruition.”