Aviva has sold 55 Spring Gardens in Manchester for £13m to a JV of TriOffice and The Pears Group.

TriOffice is Tri7’s new commercial office investment arm having launched in September. This is the first acquisition by the new business arm – with the asset covering 55,385sq ft across 10 floors. It’s situated in the city centre on the corner of Spring Gardens and Fountain Street.

Samuel Castle, Founding Partner of Tri7 Group, said: “We set up TriOffice last month to capitalise on value-add opportunities within the office sector. We believe that the scarcity of high-quality office stock, combined with the occupational resilience that has been witnessed in the major regional office markets, will lead to strong performance for those who upgrade and reposition prime-located office stock at this point in the cycle.”

“For an opportunistic and agile investor like Tri7, we believe now is the right time to deploy capital into the sector and 55 Spring Gardens is a great example of the type of schemes we’re looking at across the UK. We are delighted to be working with The Pears Group on our maiden acquisition into the TriOffice strategy.”

Jonathan Rose, Managing Director of The Pears Group, added: “We are delighted to have formed a joint venture with Tri7 and their team, deploying capital into such a well-located asset.”