Credit Suisse sells 44 Peter Street for £6.9m
Investream is the new owner of the 25,200 sq ft Manchester office building.
Sitting between Watson Street and the Radisson hotel at the Free Trade Hall, the property was marketed as a part income-producing and part vacant refurbishment investment opportunity.
After a comprehensive redevelopment in 2005, the building has undergone rolling refurbishments in recent years, so that around 55% of its space has been modernised since, including new M&E and a revamped reception.
According to the most recent particulars, 35% of the building is let to four occupiers: accountancy Mitchell Charlesworth, Career Connect, insurance broker Griffiths & Armour and dental practice Tomas & Alex Capital.
The average unexpired lease term is 4.5 years. Rents are currently averaging £22.50 per sq ft, but could be expected to reach the late twenties with quality refurbishment and repositioning.
CBRE advised vendor Credit Suisse on the disposal. Executive director Will Kennon said: “We are pleased to have concluded the sale on behalf of Credit Suisse. It is encouraging to see genuinely deep investor interest seeking office re-positioning opportunities in Manchester”
Credit Suisse’s Jack Sawbridge added: “It has been a pleasure to work with Investream and we wish them well in taking the asset forward into its next chapter.”
The investor had picked up 44 Peter Street in a two-building deal with Magnus in January 2015, paying a combined £20m for the asset and the 36,000 sq ft 19 Spring Gardens.