55 Princess Street, Manchester_Property for Sale
55 Princess Street, Manchester_Property for Sale
Princess Street, Manchester, M2 4EW, UK

55 Princess Street, Manchester

Asset description

Prime Manchester Core Plus Office Investment Opportunity

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Attributes

Asking Price
€23,859,000
Building area Net
5,100 sm
Occupancy
82.00%
Year built
2006
Cap Rate
6.75%
NOI
€1,720,000

Media

Investment highlights

  • Prime Multi-let Freehold Grade A office building in the heart of Manchester’s Central Business District
  • Situated opposite the Grade I listed Town Hall and two of the finest civic spaces and public realms at St Peters Square and Albert Square
  • Manchester is the UK’s second city and is the largest financial and business centre outside of London
  • A high specification property let to a quality tenant line up including Tesco, Trowers & Hamlin LLP, AHR Architects and Buck Consultants
  • 62% of the building has been let or subject to lease renewals since 2020
  • Excellent open plan office suites between 1,371 – 7,384 sq ft which are efficient and designed with outstanding flexibility which ideally suit the local occupational market
  • Average Unexpired Lease Term of circa 7.1 years to expiry and 4.9 years to tenants break options
  • Total income of £1,477,839 per annum reflects a low average rent of only £25.68 per sq ft. A discount of 36% compared to £40.00psf achieved in nearby buildings
  • There remains 18% vacant with an estimated reversionary rental value of £1,736,878 per annum
  • Manchester recorded rental growth of 3.9% last year and remains a tightly constrained office market with a Grade A vacancy rate of only 4.2% presenting excellent dynamics for further rental growth
  • Low capital value of only £373 per sq ft compared to over £800 per sq ft evidenced in the city during 2022
  • Offers are invited in excess of £20,500,000 (Twenty Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. Assuming standard purchaser’s costs of 6.80%, a purchase at this level reflects the following Yield Profile:

Net Initial Yield 6.75%

Equivalent Yield 7.43%

Reversionary Yield 7.93%

55 Princess Street, Manchester 4_Property for Sale
55 Princess Street, Manchester 4_Property for Sale

Contact brokers

55 Princess Street, Manchester (0 Properties)

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Last updated
May 18, 2023