Investcorp, Citivale look to cash in on £30.25m Salford Quays offices
Anchorage One and Two, totalling 148,000 sq ft, are up for sale.
Landlord Investcorp, which acquired the buildings for around £38m in 2021, and asset manager Citivale have instructed CBRE to find a buyer for the recently refurbished scheme. CBRE is seeking offers in excess of £30m.
A sale at guide price would reflect a net initial yield of 10% for the offices, which are located opposite a Metrolink station and front Erie Basin.
Anchorage One is spread across seven floors and offers 32,000 sq ft of workspace while Anchorage Two is 10 storeys and features 111,000 sq ft.
Tenants include the Ministry for Housing, Communities, and Local Government, which occupies 37,000 sq ft, and Morgan Sindall Construction, which has 12,000 sq ft.
The Salford Quays opportunity follows Peel’s attempts to sell the 182,000 sq ft Harbour City office scheme scheme a short distance away for £40.3m in 2023. It is understood no deal was reached.
If they bought them fro £38m 5 years ago, and looking to sell them for in excess of £30m now, the “Looking to cash in on” heading sounds rather optimistic.
Wouldn’t “Looking to offload” not be a more appropriate headline?
By John