101 Princess Street changes hands

Standard Life Investments Property Income Trust has acquired 101 Princess Street in Manchester city centre, paying its private investor owners £8.1m.

The vendors, who were advised on the deal by Metis Real Estate Advisors, bought the building from Hudson Real Estate in early 2016 for £5.6m. Refurbishment was carried out on vacant areas, which have now been let, bringing the building to 100% occupancy.

Colliers International represented Standard Life.

The building, a grade-2  listed converted warehouse, comprises 40,000 sq ft over seven storeys, with occupiers including Inspired Gaming and co-working provider Accelerate Places. There are two nightclubs at ground floor and basement levels.

Standard Life simultaneously announced acquisitions in Birmingham and Reading, with the trio of deals valued at £26m.

Jason Baggaley, fund manager of the Standard Life Investments Property Income Trust, said: “All three of the purchases are in established locations which are seeing rental growth, and the office purchases provide opportunity for asset management.”

Your Comments

Read our comments policy

Related Articles

Sign up to receive the Place Daily Briefing

Join more than 12,000 property professionals and receive your free daily round-up of built environment news direct to your inbox

Subscribe

Join more than 12,000 property professionals and sign up to receive your free daily round-up of built environment news direct to your inbox.

By subscribing, you are agreeing to our Terms & Conditions and Privacy Policy

Name*
Would you also like to receive our free PlaceTech Weekly newsletter, covering innovation in property?*