Prime Big 6 Office in Manchester.
BREEAM "Excellent" with potential to be repositioned further to become an even more sustainable building.
Existing specification includes:
Thermal boreholes which boost the building’s energy efficiency.
A 50 kWp Solar Photovoltaic system on the roof which has generated enough electricity to has save 27.4 tonnes of CO2 eq. and offset the same CO2 as planting 250 trees.
There’s potential to enhance the building’s green credentials further by reconnecting a rainwater harvesting system, which was part of the original base build, to serve a proposed “Green Wall” which would increase the biodiversity gain for the building.
- A prime BREEAM ‘Excellent’ building which is ready to be taken to the next stage of sustainable repositioning. The base build specification is primed for further ESG optimisation with a clear business plan to put the property onto a Net Zero Carbon (NZC) Pathway.
- Multi-let to a high quality tenant line-up including Jacobs, Ford (FCE Bank), and Auto Trader, with each tenant relocating to the building from the out-of-town market, demonstrating the attractiveness of the location.
- The passing rent reflects just £25.64 psf which is c.36% lower than nearby recent lettings. Prime rents in Manchester have now reached £40.00 psf and Grade A space is under offer at £42.50 psf.
- The Weighted Average Unexpired Lease Term is 3.4 years to expiries and 2.4 years to breaks.
- Several proactive asset management initiatives to pursue, including a refurbishment of the atrium and common areas and regearing existing leases.
- The building offers an exceptional light green to dark green office repositioning opportunity, in one of the most thriving parts of the city.
Offers are invited in excess of £52,500,000 (Fifty-Two Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 8.00% and a very low capital value of only £300 per sq ft, versus prime regional office capital values of £800+ psf achieved next door.