Epic acquires Spinningfields building
The London-based property investor, Epic UK, has bought 1 The Avenue in Manchester from iM Properties for £20m.
The 50,000 sq ft building in Spinningfields is fully let with tenants including restaurant Australasia, fashion brand Armani, law firm Pinsent Masons, investment manager Brewin Dolphin and hosting firm Outsourcery.
The deal reflects a net initial yield of around 6.5%.
Agent CBRE acted for Epic.
Rehan Zaman, director capital markets at CBRE, said: "1 The Avenue is a modern Manchester icon with a striking design. Our client had very specific requirements as they wanted a high profile building that was best in class within a prime city centre location.
"Since the beginning of the year, we have seen a real change in the CBD Manchester market with a significant increase in the number of investors – seeking to take advantage of the yield differential between Manchester and London – actively looking to acquire significant assets. Many of these investors are new entrants to the Manchester market including a number from Asia and the Middle East."