One Tony Wilson Place, Manchester
UK - Manchester
NZ$108,471,000 | 16,253 m²
Strategically located One Temple Row is an office led mixed use investment with immediate asset management options and exceptional longer-term repositioning and development potential.
The property extends to 9,729 sq m (104,717 sq ft) providing 64,298 sq ft of office accommodation and 40,419 sq ft of retail ancillary.
The office accommodation is arranged over ground and 11 upper floors with typical floors plates of between 5,000 sq ft and 7,000 sq ft. The building benefits from a total of 25 basement car parking spaces, providing a city centre ratio against office space of 1:2,572 sq ft.
The property also comprises 23 retail units of which span the entire circumference of the building benefiting from prominent frontages. The units face onto Temple Row, Bull Street, Corporation Street and the NorthWestern Arcade which is located opposite Birmingham’s iconic Great Western Arcade. The retail units are typically arranged over ground and lower ground floor levels.
One Temple Row is directly adjacent to and connected with Rackhams (owned by L&G) who in additional hold a long leasehold interest over 2nd floor at One Temple Row, which currently acts as the Rackhams loading bay.
We are instructed to seek offers in excess of £18,000,000 subject to contract and exclusive of VAT.
A purchase at this level reflects an attractive net initial yield of 8.29% and a low capital value of £171.89 per sq ft, below replacement cost.