Manchester’s Boulton House on the market for £12m
Located off Chorlton Street, Palace Capital’s 77,000 sq ft city centre office block has the potential to be redeveloped into a 20-storey apartment scheme.
CBRE is the agent for the nine-storey Boulton House. The agent is asking for offers in excess of £11.9m, reflecting a 10% net initial yield and low capital value of £155/sq ft.
Currently let to 10 tenants, the property has an annual income of more than £1.2m. Tenants include Northern Trains, Newsco Insider, and Prospero Group.
The occupied space is subject to upcoming lease events, meaning there is potential for investors to gain complete vacant possession of the property by June 2025.
The agent notes the building could continue to be used as offices or be converted into an apartment block or hotel.
A new-build on the site could rise to 20 storeys in height and feature up to 272 apartments, according to a massing study by SimpsonHaugh Architects.
Robert Woods, senior director of Investment Properties at CBRE, said: “The area surrounding Boulton House is undergoing development activity with investment programmes across a range of uses being undertaken, and the work being done by the Portland Street SRF makes this a very exciting opportunity in a transformative neighbourhood of Manchester city centre.”
Property investment company Palace Capital acquired Boulton House from Regional Properties for £10.9m in 2016.
Yes, knock it down and build something new!
By Digbuth O'Hooligan
This could be the site for Manchester super scraper. Perfect for a huge expressive building.
By Elephant
Another architectural crime that no one will be sad to see the back off.
By Tom
Purchasing for 11.9 then spending a million plus on knocking it down and applying for new flats would mean a plot price of c.£50k per apartment. You could buy a shovel ready scheme in a prime location for less than that so I can’t see the mathematics working here without grants or without much more density.
By Anon
Given the location and potential, that’s a bargain. C’mon developers, build something exciting and beautiful to replace that ugly block
By Bernard Fender