The asking price for Auto Trader’s Manchester headquarters has been lowered by over £20m.

Abrdn first launched the sale of what was then called Number One First Street in May last year and was seeking offers in excess of £73m. However, after a year on the market the asking price for the newly-renamed 1 Tony Wilson Place has been lowered to £52.5m.

The 174,951 sq ft building in First Street was renamed after Tony Wilson who founded the Hacienda nightclub and co-founded Factory Records.

Abrdn first acquired the building, whose other tenants include FCE Bank and Jacobs, from German fund Patrizia in 2016 in a deal worth around £66m. JLL was hired by Abrdn last year to market the building and is continuing to do so at the new asking price.