GMPVF sells Deva Centre for more than asking price

The Deva Centre in Salford has been sold by Greater Manchester Property Venture Fund for more than the £13.25m offer price to Four Two Four, reflecting a net initial yield of circa 5.5%.

Four Two Four is a subsidiary of Belfast developer Benmore Properties, which recently bought two office buildings in Manchester's Mosley Street.

The 83,500 sq ft Deva Centre is located off Trinity Way and was developed as a mix of refurbished and new-build space by GMPVF in 2001. GMPVF is currently reviewing its portfolio and seeking a development partner for Elisabeth House in the centre of Manchester.

Gary Scorah, of WHR Property Consultants, advising Four Two Four, said: "This was a unique opportunity to purchase one of the most successful office business parks in Greater Manchester and will offset the other properties within Four Two Four's rapidly expanding portfolio. The Deva Centre has proven to be very popular over the years and although it has been well managed by GMPVF in the past, we believe that there are opportunities to further enhance the scheme."

Addleshaw Goddard also advised Four Two Four. GVA Grimley represented GMPVF.