French buyer snaps up 340 Deansgate
Remake Asset Management has acquired the 27,000 sq ft Manchester office block from Schroders for £11.6m.
Metis Real Estate advised the vendor on the deal, which represents a net initial yield of 7.6%. Savills worked for the buyer.
Schroders bought the asset in 2017 for £8.4m.
The six-storey office building is fully let, with long-term tenant BTG Begbies Traynor and Rendall & Rittner, which signed in 2019, in situ. The weighted average unexpired lease term is 6.2 years.
Remake made the acquisition on behalf of its SCPI (roughly equivalent to a REIT) Remake Live. Other acquisitions made by the investor include 3 Shelbourne Buildings in Dublin’s Ballsbridge and 100 Middlesex Street, in London’s Spitalfields.
The investor said: “This acquisition illustrates the continued development of Remake Live in the UK, with assets positioned in established locations and with strong rental fundamentals.”
Across from the Beetham Tower, Property Alliance Group developed 340 Deansgate in 2007, with Russells as contractor and AEW as architect.
