Attributes

Building area net

6,314 sm

Occupancy

100%

WAULT to expiries

3.5 years

Investment strategy

Core Plus

Prime Forecast Rents in 2027

£56 psf

Description

A striking Prime, Grade A office building within the heart of Manchester’s Central Business District.

Located in Manchester which is the UK’s second city and is the largest financial and business centre outside London.

...

Investment highlights

The building comprises 67,962 sq ft of high specification office accommodation across 11 upper floors.
100% Electric HVAC system which was upgraded in 2024.
Optimal floor plates of c 6,000 sq ft which subdivide easily - to accommodate 75% of occupational demand in the city.
The building is well let to several professional occupiers including BGF, Cushman & Wakefield, Knight Frank and Newmark.
The property has a WAULT of 3.5 years to expiry and 2.7 years to break.
The building is 100% occupied.
The total passing rent is £2,112,161 pa reflecting a low average rent of £29.84 per sq ft.
ERV of £3,175,227 pa providing exceptional reversionary potential.
Manchester is a tightly constrained major office market with New Grade A vacancy rate of only 1.4%.
Prime Manchester rents are forecast to be £56 per sq ft in 2027 when the next lease events occur.

We are instructed to seek offers in excess of £22,600,000 (Twenty Two Million Six Hundred Thousand Pounds). A purchase at this level reflects a net initial yield of 8.75%, reversionary yield of 13.16% and a capital value of £333 psf after deducting standard purchaser's costs of 6.8%.