Artmax gives Manchester office £16.1m price tag
The Hong Kong-based family office is looking to sell the 53,000 sq ft 10 Chapel Walks.
Artmax acquired the building for £20m in 2018 and has carried out a package of refurbishments. Eight years on, the investor has appointed CBRE to find a buyer for the asset, seeking bids in excess of £16.1m.
A sale at guide price would reflect a net initial yield of 8.75%.
10 Chapel Walks is home to 12 companies across its eight floors, including Graham & Sibbald and Aviva. It generates £1.8m gross rent annually.
The ground floor, let to Unitarian church Cross Street Chapel, is not included in the investment.
Fronting Cross Street in the heart of Manchester’s central business district, the office block was built in 1998 and has a vacancy rate of 8%, with just one 4,300 sq ft suite available.
Is the drop in value since 2018 down to the building needing fairly heavy updating and systems replaced as it approaches 30 years old or are they confident of getting rather more?
By Anonymous
In the 1990s before Spinningfields this building (previously known as The Observatory), together with 82 King Street, were amongst the first and only new-build grade A speculative office schemes in Manchester city centre.
How times have changed.
By Anonymous