Aneel Mussarat’s property company has acquired the firm that owns the iconic Manchester building and has promised to not be a passive owner.
MCR Property Group announced today that it has added the 650,000 sq ft CIS Tower to its portfolio and is working up plans to breathe new life into Manchester’s first skyscraper. The building was previously owned by Jersey-based Devonshire (CIS Tower) Limited, which acquired it for £66m in 2017.
Previously the Co-Op’s headquarters, the 1960s building has been vacant for a number of years, during which time several proposals to redevelop it into a modern office scheme have been floated.
Last year, asset and development manager Lenrose Ventures secured planning approval for the refurbishment of CIS Tower. Prior to that, Castlebrooke twice put forward proposals to bring the building back into use either side of the pandemic.
Mussarat, founder of MCR Property Group, said: “The CIS Tower is a generational asset. These opportunities are exceptionally rare and require conviction, speed and capital certainty to execute.
“We have built MCR on a very clear model, acquire well, manage intensively and realise value over time. This building fits that strategy perfectly. It is one of the most recognisable structures in the UK, but more importantly, it is an asset with significant untapped potential that has been overlooked for many years.”
He added: “We are not passive owners. We take control of assets and actively reposition them. That means rigorous asset management, clear commercial thinking and long-term capital backing.
“I have admired this building for many years and recognise its significance to the council as well as the people and City of Manchester. This is a once in a lifetime opportunity to breathe fresh life into a much loved but neglected property, creating a modern and sustainable future for the CIS Tower.’’