Listed Cheadle office building sold for £3.6m
Property investor Hollins Murray Group has purchased the grade two-listed Haw Bank House from Bruntwood following a refurbishment.
The property, located in the centre of Cheadle village on Cheadle High Street, was sold to HMG for the asking price of £3.65m, reflecting a net initial yield of 6.75%.
Converted into office use in 1984, Haw Bank House provides 16,053 sq ft of office accommodation and 81 car parking spaces.
It is fully let to tenants including Ping Europe, Everything Skin, Intelligence & Investigation Services and the Shepherds Friendly Society, which signed a 15-year lease this year on the recently refurbished first floor.
The building generates around £262,000 per annum in rent, according to the sales brochure.
Bruntwood, the Manchester-based developer-investor, refurbished the building, including installing a new reception space and atrium.
HMG, a privately-owned Manchester-based investment firm, has a commercial property portfolio it says is valued at around £110m.
Bruntwood was advised by sales agent Carrick Real Estate, and Metis Real Estate advised HMG.