Federated Hermes puts Chester’s One City Place on market

The investor is seeking offers in excess of £12.85m for the 70,000 sq ft office.

Federated Hermes, which acquired One City Place from Muse for around £17m in 2017, has instructed Savills to find a buyer for the building.

One City Place completed in 2016 and was the first building in Muse and Cheshire West and Chester Council’s wider £120m City Place development.

The scheme is located close to the city’s train station and was supported a £4.8m development loan from the North West Evergreen Fund and a further £1.4m grant from the European Regional Development Fund.

The EPC A-rated asset became fully let in 2022 and is home to RSM, Excello Law, Power Solutions, Black & Veatch, SL Investment Management, and Sykes Cottages.

Located off Queens Road, the six-storey One City Place generates rents of £1.3m annually.

A sale at the guide price would reflect a net initial yield of 10% and would be on of the North West’s largest office investment deals outside Manchester and Liverpool since the building last traded.