Manchester’s Havelock on the block with £60m price tag
UBS has appointed CBRE and Savills to find a buyer for the 115,000 sq ft Great Bridgewater Street office, which is let to the Government Property Agency for the next 10 years.
Credit Suisse, since acquired by UBS, pulled the trigger on plans to redevelop the Manchester asset in January 2021 when it unveiled proposals to strip the former Eversheds HQ back to frame and increase its floorspace by 40,000 sq ft.
The OMI Architects-designed Havelock completed in July 2024 and the GPA signed a 10-year lease on the whole seven-storey building in March this year. The lease has a break after eight years.
Now, UBS is seeking just shy of £60m for the stabilised asset, which generates £4.4m annually; the GPA pays £38.27/sq ft. It is estimated this could rise to £55/sq ft by the time the first rent review rolls round in 2031.
A sale at the £59.5m guide price would reflect a net initial yield of 7%.
The letting of Havelock to the GPA accounted for 40% of Manchester’s total take-up for Q1 2026.
Looks like another failed office scheme in Manchester!!
By Johnny FP
One awful looking building that.
By Pek
It looks a bit like a shipping container, perfect for Maersk head office. I do actually like truth to materials but the balconies on one side disrupt the clean lines.
By PT
Pek must have a very short memory or has never been to Manchester and saw what was previously on the site. This is a first class reimagining of one of the many monstrosities that Central Manchester Development Corporation imposed on our City. This is probably as good as sustainability gets!
By Billyboy
I love this completed scheme. Completely different to everything else in the city.
By D
@Johnny FP, The building is completed and let for ten years. The investor is now banking the profit from their investment by passing it on to a long term manager.
By WatcherZero
I like it.
By Anonymous
Excellent refurbishment of this building a few years ago. Looks great. @Johnny FP, a failed office scheme? How exactly? GPA have the whole building for 10 years!
By Steve
WatrcherZero why is that a problem….that is the way the development cycle works with everyone taking risk/reward within their skill set. It’s why developers build and let and then sell
By Johnny FP
Sorry Steve 7.43 I was poking the everyone is working from home winners…….but none have taken the bait…..I’ll be clearer in future!!!!
By JohnnyFP
It looks good in person, especially when viewed from the canal.
By City Veteran