CEG puts 196 Deansgate on the market for £30m
Avison Young and Savills have been appointed to sell the 63,000 sq ft Manchester office.
A sale at CEG’s £30m asking price would reflect a net initial yield of 5.47%, a reversionary yield of 6.26% and capital value of £475/ sq ft, according to marketing materials.
CEG acquired the six-storey 196 Deansgate in 2010 from the Kenmore Group.
Offices within the building are let to occupiers including Retail Merchant Services and McCann Connected. Ground floor leisure tenants include Pieminister, Manahatta and Federal.
At present, 196 Deansgate generates £1.7m a year in rent. Tenants pay on average £28/ sq ft in the building.
196 Deansgate has a WAULT of 8.3 years to expiry and 5.8 years to break.
The building is the latest office investment opportunity to hit the market in Manchester.
Others include Abrdn’s Sunlight House and No1 First Street and Derwent’s Cardinal House.