We acquired MIOC, one of the best known landmark buildings in Manchester, in 2010 for overseas investors.
When we first visited the building we were struck by the atmosphere and size of its communal areas. MIOC was always intended as an office investment but we recognised the benefit of the communal areas. We saw it as an opportunity to reposition the building as offering something more than the average office – somewhere special to work.
We led a complete remodelling of the entrance and reception and promoted other initiatives to encourage a sense of community in the building. As a direct result, occupancy has been maintained at over 90 per cent since acquisition and the investors have benefited from an ever-increasing rent roll.
MIOC totals approximately 100,000 sq ft and is home to more than 40 tenants. The investment was initially acquired for £13.5 million and has delivered a return on equity of over 12 per cent per annum, which is testament to our hands-on approach.