Kinrise lines up latest Manchester office disposal
Victoria Buildings is being offered with a £5.9m guide price following the sale of the neighbouring Northern Assurance Buildings in August.
Kinrise has appointed Carrick Real Estate and OBI to find a buyer for the 18,800 sq ft asset, whose top two floors are occupied by Tritax Symmetry. Teh remaining three floors of office space are vacant, while the ground floor is home to Johnsons Cleaners, Armenian Taverna, and Zambrero.
A sale at guide price would reflect a net initial yield of 7.93%.
Kinrise bought the building, located on the corner of Princess Street and Cross Street, along with three others that make up the Albert Estate for £6.7m in 2015.
The others are Northern Assurance Buildings, sold to Leeds-based Threesmith Group for around £8.3m in the summer, 1 Central Street, and 2 Mount Street.
Kinrise sold 1 Central Street to MGTS St Johns High Income Property Fund in 2022.
Earlier this year, Kinrise stepped away from a pair of North West office refurbishment projects it was delivering in partnership with funder Karrev – Martins Bank in Liverpool and Sunlight House in Manchester.
