Abrdn seeks £20m in latest Manchester office sale
Having recently sold Sunlight House and 17 Quay Street, the investor is now bidding to offload 55 Princess Street.
Abrdn has appointed JLL to find a buyer for the 57,000 sq ft Manchester office, seeking offers of £20.5m.
A sale at this price would reflect a net initial yield of 6.75%.
The asking price is slightly down on the £21.8m Abrdn acquired the building for from Benson Elliot back in 2015.
Tenants at 55 Princess Street include law firm Trowers & Hamlin, which occupies 17,000 sq ft on a lease that expires in 2030.
Tesco occupies the ground floor retail unit. Overall, the building generates £1.4m of rent annually.
The Hodder & Partners-designed 55 Princess Street was built in 2008 by a joint venture between LNC and CTP, and was formerly known as Aurora.
55 Princess Street is the latest sale launched by Abrdn in recent months. Last year, the company sold Sunlight House for £42m to Kinrise and Karrev, while Urbana picked up 17 Quay Street.
In Liverpool, Abrdn sold No5 St Paul’s Square to Forma for £35m.
Back in Manchester, the investor recently relaunched the sale of One Tony Wilson Place at First Street.
Abrdn put the 175,000 sq ft office on the market last May for £73m, a deal that would have represented a net initial yield of 5.75%.
The current asking price of £52.5m represents a net initial yield of 8%. JLL is also marketing this property.
Needs a refresh. It’s located in what will be the finest civil quarter of the UK very soon.
By Anonymous