Norfolk House_Property for Sale
Norfolk House_Property for Sale
Norfolk Street, Manchester, Greater Manchester, M2 1DH, UK

Norfolk House

Asset Description

Outstanding opportunity to reposition or redevelopment the asset for office or alternative uses.

...

Investment Highlights



• Manchester is considered the UK’s Second City and the economic and cultural capital of the North of England.

• Norfolk House comprises a 54,127 sq ft office building, arranged over ground and 4 upper floors, with a two-storey basement car park accommodating 48 parking paces.

• Occupying a prominent position in the heart of Manchester’s Central Business District, totalling 0.31 acres.

• The existing building forms a key strategic site, occupied at a low density, providing the opportunity to substantially increase the massing in the future.

• Multi-let to 3 tenants, generating a total income of £365,235 per annum (reflecting a low average rent of £20.51 psf).

• No guarantees are to be provided on the vacant space, allowing the possibility to immediately improve the running yield.

• There are numerous opportunities to add value and drive both the income and the capital value via;

− Repositioning of existing – Undertake a phased refurbishment to reposition the existing office space to meet current occupier expectations.

− Redevelopment – The prime location combined with robust cross-sector demand, would support an office, residential or hotel redevelopment.

• Freehold.


Offers are invited in excess of £8,500,000 (Eight Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.


A purchase at this level reflects attractive low capital value of £157 psf, substantially below replacement cost.

Attributes

Building area net
5,029 m²
Occupancy
27%
Land area gross
0.13 ha
Investment strategy
Value Add
Asking price
NZ$17,602,000

Contact brokers

Norfolk House (0 Properties)

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Last updated
16 May 2024