Member Article

Sold: £9.1m Blackburn Cathedral Quarter office

Preston-based Maple Grove Developments, part of the Eric Wright Group, has pre sold its 32,000 sq ft office building at Blackburn Cathedral Quarter to Legal & General Property for £9.1m, a record for the town.

The asset has been acquired by Legal & General Property on behalf of its LPI (Limited Price Inflation) Income Property Fund.

The office building, One Cathedral Square, is let to Blackburn with Darwen Borough Council on a 25 year head lease.

The building forms part of a wider first phase at the Cathedral Quarter development comprising a Premier Inn, restaurants and cathedral accommodation arranged around a new public square and transport interchange.

Works on the project are scheduled to complete in autumn 2015.

The Leeds office of property consultancy Knight Frank has advised on the sale.

Head of long income transactions at Legal & General Property, Adam Kerr, said: “Forming a key element of the major regeneration of Blackburn town centre, sitting at the heart of the new interchange with the bus station, rail station and Cathedral, we believe that this Grade A office building will become an important hub for business in the region.”

Cllr Andy Kay, executive member for Resources, Blackburn with Darwen Borough Council said: “Legal and General’s first acquisition in Blackburn town centre demonstrates to us that the sustained investment in the town centre by ourselves and other partners is continuing to pay dividends.

“The location of this stunning, ‘city style’ office building, in the setting of Lancashire’s Cathedral will make it one of the most prestigious business addresses in the region”.

This was posted in Bdaily's Members' News section by Sophia Taha .