Abrdn seeks to offload another Manchester office

101 Princess Street, which the investor bought six years ago for £8.1m, is up for sale. 

Abdrn has instructed Colliers to find a buyer for the 41,000 sq ft Manchester office, which is let to three tenants with a WAULT of 14 years. 

Publisher Sandhills East is the only office tenant in the building, occupying 5,600 sq ft on the third floor. There is 22,000 sq ft of vacant office space across the first, second, fourth, and fifth floors. 

Around 15,000 sq ft across the upper ground and lower ground floors is let to a pair of nightclubs: Satan’s Hollow, and Cruz 101. 

Marketing materials seen by Place North West state that there is potential for rental growth within the building to bring it in line with other Princess Street properties.  

Sandhills currently pays £21.46/sq ft while headline rents on Princess Street “are now established at £24 per sq ft”, according to the sales brochure. 

The launch of 101 Princess Street for sale is the latest in a string of disposals for Abrdn. In recent months, the investor has sold Sunlight House and 17 Quay Street, while a deal with Delancey for One Tony Wilson Place is understood to be close.  

Abrdn is also looking to offload 55 Princess Street.   

Colliers and Abrdn were contacted for comment.