55 Princess Street, Manchester_Actifs en vente
55 Princess Street, Manchester_Actifs en vente
Princess Street, Manchester, M2 4EW, UK

55 Princess Street, Manchester

Description de l'actif

Prime Manchester Core Plus Office Investment Opportunity


Caractéristiques de l'actif

Prix attendu
23 824 000 €
Surface de l'actif Net
5 100 m²
82,00 %
Année de construction
Taux de capitalisation
6,75 %
Revenu net
1 718 000 €


Points clés d'investissement

  • 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_Actifs en vente
55 Princess Street, Manchester 4_Actifs en vente

Contacter l'équipe

55 Princess Street, Manchester (0 actifs)

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Dernière mise à jour
18 mai 2023