Central Manchester resi listed at £4m
Bringing in more than £325,000 in rent per year, the 27-apartment asset on the upper floors of 25 Cross Street is being marketed by LSH.
The scheme was developed by Manchester developer Beech Holdings in 2015 under permitted development rights, before being sold to a private investor.
There are 22 studio flats within the development, along with four one-bedroom apartments and one two-bed apartment.
The building is highly prominent, with Pret a Manger on the ground floor. It is next to Motel One, close to the Royal Exchange.
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In the sale particulars, LSH said that 25 Cross Street is fully occupied, and over the course of 2024/25 will bring in £327,456. The ERV of the asset is listed at £347,000.
A long leasehold is held on the asset, lasting for 250 years from 2015. A sale at the guide price of £4m would reflect a net initial yield of 8.19%.
There is buyer activity at the larger end of the Greater Manchester living sector investment market: L&G’s first BTR building at Slate Yard was last month bought by KKR. Access Development Partnership, featuring L&#G, Nest and PGGM then bought a planned 51-storey Renaker tower.
At the smaller end of things, Beech instructed LSH last year to market a series of residential holdings in Greater Manchester, including Salford’s One Cross Street and Brookland House, along with Academy Apartments in Old Trafford and an 18-flat development at Duke Street, Manchester. One Cross Street, listed at £9m, has sold.
