Citibase office changes hands for £7m

A 50,000 sq ft office and leisure building at 40-46 Princess Street in Manchester occupied by serviced office operator Citibase has been sold by offshore investor Rockvale, based in the British Virgin Islands, to a private family trust.

The £7m price represents a net initial yield of around 4.5%.

Citibase is the largest occupier in the building with 43,000 sq ft. There are three bars and restaurants operating at ground and basement levels.

CBRE advised Rockvale. Metis Real Estate represented the purchaser. All parties declined to comment.

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