A family office group has bought a prominent site in the heart of Manchester and plans more regional deals in the UK.

LJ Group, a family office, has acquired a portfolio of four property’s in the historic Albert Square area of Manchester in the UK North West region for £16.3 million ($25.5 million) – the first time it has bought properties outside London, with more regional deals planned.

The site will be refurbished with office space, restaurants and shops, as well as creating space for entrepreneurs. In total, the buildings account for 70,000 square feet, LJ Group said in a statement.

Constructed by Scottish Widows and sold by that business to the Wrather Group in 1974, it has been owned and maintained by Wrather for the last 40 years, along with the other three properties.

The family office group, which has more than $8 billion of assets under management, said it plans further regional acquisitions.

The LJ team responsible for this latest project is led by Sam Lawson Johnston, George Haddo and Lord Wei of Shoreditch. The Lawson Johnston family, one of the original families behind LJ Group, can trace its history back to the inventors of Bovril and went on to build successful businesses in industrial and food production.

Haddo is a former investment director from the Cording Real Estate Group, where he held responsibilities in the FORE Partnership, one of the group’s co-investment vehicles. Lord Wei is an expert in technology, connected cities and social reform and acts as a special advisor to the team.

Wrather Group was represented by Knight Frank’s Manchester office and Hill Dickinson solicitors. LJ Group were advised by JLL’s Manchester office and Charles Russell Speechlys, the law firm.