Capital & Centric buys Quay Street office
Developer Capital & Centric has acquired a 22,000 sq ft office building in Manchester city centre in an off-market deal from a private individual for near to £6m, reflecting a net initial yield of 5.75%.
The building, 15 Quay Street, also known as Kabel House, is partially let to Jelf Insurance and Uniregistry, a web services provider. One floor of 3,950 sq ft remains vacant.
The acquisition represents an opportunity to boost rents in the building, with rent currently at around £16/sq ft, but other assets on Quay Street demanding up to £24/sq ft.
Tim Heatley, co-founder of Capital & Centric, said: “As a regeneration-focused developer this isn’t the sort of opportunity that you’d usually associate with Capital & Centric but we can apply our skill set in diverse investment and development scenarios plus we are always looking for opportunities to expand our portfolio. By pro-actively managing the building through a number of initiatives, we are confident that we will further enhance the offering at 15 Quay Street.”
Commercial Properties acted on behalf of Capital & Centric.
Goodall Investments acted on behalf of the private investor.
What’s the betting they buy the old Walkabout building next door too….i see where this is heading 🙂
By David
I heard the old walk about is subject to a new leasing deal – high end restaurant / bar?
By The Old Faithful
When the likes of Capital & Centric start buying safe investment stuff that tells me there’s a recession on the way!
By Zebra
You bet, with Brexit, we are already seeing the signs, relocations out of the UK, house prices starting to stall. Bit by bit day by day.
By Baton down the hatches
It’s got absolutely nothing to do with Brexit.
By ChesneyT
My god some of your readers can see the negative in everything. Someone’s investing in something presumably because they feel positive and confident about the economy and about this location and city. Given what’s happening opposite and around it I don’t blame them. They probably think they’re buying it cheap and it’ll go up in value! Isn’t that how it works?
By Jane Worthington
A recession is on the way and Brexit is the catalyst for it. This will effect many areas of life including property. When money is invested in safe projects or commodities you can be sure it is on it’s way. I’ve survived at least three of them, just about in business, but I am not too optimistic about the future. Good luck to this scheme, but one should not be blind to the big picture.
By Baton down the hatches
I’ve heard they’re trying to buy up a lot of buildings around that area, I suspect they’ve made their money and now they’re stuffing into safe office stock.
By Zebra
Excited to see what C&C do with this and how it will improve Quay St
By The Fox
They knocked down the Skin Hospital for that, another Manchester shocker to add to the frankly enormous list. Wonder if any other city has lost so much? Only Birmingham comes to mind, and that city centre still absolutely wallops Mancs’.
By Loganberry