Salford’s Trinity Bridge House sold at half previous asking price

Trinity Bridge House in Salford has been sold for £18m, which is half of the previous marketing price. The long leasehold of the office asset was acquired by a vehicle named Bercy, which is associated with Midos Group, a London-based privately owned real estate investment group. The vendor, New York-based real estate investment trust WP Carey, had appointed Knight Frank and ACRE Capital Real Estate to market the long leasehold of Trinity Bridge House for offers over £36.4m in May 2023. The 205,713 sq ft, eight-storey office building, at 2 Dearmans Place, is let to the Department for Levelling Up, Housing and Communities until 2028. WP Carey had bought the long leasehold for a term of 150 years, with 124 years unexpired, in 2013 as part of a sale-and-leaseback deal. Trinity Bridge House was being marketed as a “long-term development opportunity” that can be repositioned for hotel or residential use subject to planning and freeholder consent. Photo courtesy of Knight Frank and ACRE Capital Real Estate