Manchester Roomzzz for sale with £12m price tag

Knight Frank has been instructed to find a buyer for the 59-unit Princess Street aparthotel, one of two locations run by the operator in the city.

The serviced apartments were created within 36 Princess Street, and are supported by shared amenities including reception and lobby, daily housekeeping, self-service laundry facilities and secure access systems.

Studios, one- and two-bedroom apartments make up the roster at what is one of two Roomzzz operations in Manchester, the other being the Roomzzz Victoria offer at the Corn Exchange.

Although the aparthotel at Princess Street currently operates under the established Roomzzz brand, the freehold interest will be offered free of brand and management, as vendor Roomzzz looks to exit the site.

Knight Frank said that this provides an incoming purchaser with significant operational flexibility, while benefitting from an experienced on-site team that is expected to remain in place, ensuring continuity of service and performance.

The agent added that the property has demonstrated consistently strong and profitable trading, with further potential to increase the number of units, subject to reconfiguration and the necessary consents.

Ryan Lynn, partner at Knight Frank, said: “The combination of a prime city centre location, an attractive period building and well-specified apartments ensures the property appeals to a broad range of occupiers, including business travellers, relocating professionals, weekend visitors and international tourists.

“As such, Roomzzz Manchester City represents a resilient and well-established hospitality asset within one of the UK’s strongest regional hotel markets. The opportunity to acquire the asset unencumbered by brand or management, alongside its clear expansion potential, offers an incoming owner a compelling platform for future value creation. We look forward to securing a successful outcome for our client.”

Designed by Clegg & Knowles, the 1880s building was listed in 1994. Typically for buildings in that part of the city, 36 Princess Street is a former shipping warehouse, and also for a time housed the Manchester Chinese Chamber of Commerce and other facilities.