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.