A brand new six-storey office block has sold for around the reported asking price of £17.5m, according to the property media.
Muse has now exchanged contracts on a deal with Hermes Investment Management, on behalf of Hermes Property Unit Trust.
A spokesperson for Muse confirmed One City Place has been sold to Hermes ‘for an undisclosed sum’.
Property publication Place North West understands the sum involved was ‘around the £17.5m asking price’.
The 70,000 sq ft, Grade A office building is the first in the wider £120 million City Place development, forming part of Chester’s new Central Business Quarter, which is being brought forward by Muse in partnership with Cheshire West and Chester Council .
Muse launched One City Place in January 2016, setting high standards in specification and quality for office developments in Chester. The building has won numerous industry awards, being commended for the transformative effect it is having on the city’s commercial offering.
It is home to a range of companies including RSM, Excello Law, Power Solutions (UK), Black and Veatch and SL Investment Management. They were recently joined by Sykes Cottages, the largest independent operator of UK holiday rental properties, which has taken two floors.
The remaining space at One City Place is currently in lawyers’ hands, meaning the building is effectively fully occupied.
City Place is part funded by a £4.8 million development loan from the North West Evergreen Fund and a further £1.4 million grant from the European Regional Development Fund.
GVA and CBRE are joint agents for City Place.