L&G sells on Market Street

The prolific investor has disposed of 48-50 Market Street in Manchester’s retail core to a Hong Kong-based buyer for £11.8m, reflecting a yield of 5.4%.

London-based broker Michael Elliott acquired the 11,700 sq ft building on behalf of the buyer, described as a private investor but understood by Place North West to be a fund called Asia Lion Investments, which has already secured further properties on the retail pitch. The vendor was advised by Cushman & Wakefield.

Bought by Legal & General from Friends Provident in 2004 for £9m, 48-50 Market Street is let for a further 13 years to Clydesdale Bank, and currently houses the group’s B Works SME-focused brand, launched at the start of 2019. The building was at one time occupied by sports retailer JJB.

Dominic Rowe, partner at Michael Elliott, told Place North West that “it’s an interesting deal, the building’s got a good solid tenant and our client sees it as secure income.

“It’s encouraging for the market that these deals are still happening amid an uncertain year.”