Health and social care company Bupa has bought the £50m MediaCityUK office building it prelet last year.
The Regent in Salford Quays, Greater Manchester, which is under construction, will provide 145,000 sq ft of offices. Bupa signed a 15-year lease for the entire scheme in February 2015.
Owner Peel Group instructed CBRE to sell the development in January for offers in excess of £50m – a net initial yield of less than 6.25%.
Bupa bid for the property to gain greater control of the scheme, into which 2,000 staff will relocate from two neighbouring buildings.
The deal will see Bupa fund the development and own the site. Construction is expected to complete in 2018.
It comes after Media-CityUK revealed plans for a further 10 new buildings with a combined development value of more than £1bn at the regeneration site. The next 1.5m sq ft phase will be built out over the next 10 years and include offices, studios, 378 flats, student accommodation, retail, leisure and two hotels.
A Bupa spokesman said: “We have decided to fund, and therefore own, this new building, which shows our commitment to Greater Manchester.
“Managing the construction means we can ensure that the new office offers a better working environment for our people, which helps us give even better service to our customers.”
Bupa was advised by Colliers International; Peel was represented by CBRE.
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