Exchange Quay hits market at £32.5m

Savills has started marketing for sale the 433,600 sq ft office complex on the edge of Salford Quays on behalf of owner Exchange Quay Master Trust.

The widely tipped disposal plan was confirmed with an official guide price of £32.5m, reflecting a capital value per of £75/sq ft. The gross annual rent roll is £4m.

The asset contains seven office buildings with floorplates stretching from sub-1,000 sq ft to 12,300 sq ft. There are also 2,149 car parking spaces. Current tenants include Sage UK, Barclays Bank and Scottish Equitable.

Oliver Foster, investment director of Savills, said: "Exchange Quay presents a unique opportunity to acquire a landmark office development that offers a perfect combination of high quality and flexible space with an attractive waterside setting. The scheme already accommodates some high-profile occupiers and with approximately 42% currently vacant, Exchange Quay provides immediate asset management opportunities for an investor to add value."

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