Grade A, BREEAM “excellent” office building within the exciting and vibrant mixed-use First Street district of Manchester City Centre.
Manchester is the UK’s second city and is the largest financial and business centre outside London.
Manchester is a tightly constrained major office market with New Grade A vacancy rate of only 2.9% and over 1.25 million ft² of named requirements.
The property is multi-let to a high quality tenant line-up including Jacobs, Ford (FCE Bank), and Auto Trader.
The building provides rare large floorplates around a striking atrium. Each floor provides circa 25,500 ft² of efficient open plan office space, designed with flexibility which ideally suits the local occupational market.
Average unexpired Lease Term of circa 4.4 years to expiry, 3.5 years to tenant’s break options.
The current passing income is £4,485,619 per annum & reflects a low average rent of only £25.64 per ft². A discount of 34% compared to £38.50 per ft² achieved in nearby buildings.
Excellent asset management opportunity to increase rents and put the building on a Net Zero Carbon (NZC) pathway.
Low capital value of only £406 per ft² compared to over £800 per ft² evidenced in the city.