Manchester’s Maybrook House on sale for £16m
CBRE is marketing the 68,000 sq ft mixed-use building, which has the potential to be redeveloped into a 17-storey structure.
Maybrook House sits on half an acre within the St Mary’s Parsonage Strategic Regeneration Framework. Located on the corner of Deansgate and Blackfriars Street, the building is currently let to seven tenants with around 15,000 sq ft vacant.
The redevelopment data comes from an indicative massing exercise by Jon Matthews Architects, which found the site would suit a 227,000 sq ft building that better matches the height of the nearby 27-storey residential tower that has been proposed by Property Alliance Group and Starwood Capital.
Occupier demand in the area shows potential for more offices, a hotel, or residences, according to the Maybrook House sales brochure.
CBRE is accepting offers of more than £16m for the freehold of the site, which it is marketing on behalf of an undisclosed client fund managed by AEW UK. A deal at this price would reflect a 6.24% initial yield.
HM Land Registry data shows Maybrook House is owned by the Nuclear Liabilities Fund. The fund purchased the property for the same price it is looking to sell it for – £16m – back in 2015.
Currently, the building generates more than £1m in passing rent a year for its owners. Ground floor tenants include a Tesco Express, travel agency Trailfinders, and La Vie Café. Upper floor office tenants include IBM and Intechnica.
The building has a WAULT of 5.4 years to expiry and 3.2 years to break.
Will Kennon, the executive director at CBRE handling the sale, said: “Maybrook House forms part of the St Mary’s Parsonage Strategic Regeneration Framework which is set to see significant investment over the next five years, whilst also sitting adjacent to the highly anticipated new Treehouse Hotel with associated mixed-use re-development of the former Renaissance site, and planned redevelopment of 39 Deansgate.
”The existing building provides an attractive Day One income return and an exceptional medium-term development opportunity of significant massing.”
Surprised they aren’t trying to get more than what they paid for, too much tax ?
By Anonymous
this monstrosity should dissapear asap
By Michael
A nice proposal like the nearby recently approved Speakers corners would be great for this site.
By Anonymous
The sooner this one is raised to the ground the better!
By Steve
Agree with the consensus; this needs to go!
A lot of beautiful Georgian properties were ripped down to build this c**p.
By 1981
Tried to flog for ages. Questionable market timing. In for a loss.
By Anonymous
I’ve got to say – Manchester really isn’t messing about with this part of town.
Deansgate is going to look crazy in 5-10 years.
By Anonymous
Heartwarming to see the pace at which the architectural crimes of ~50 years ago are vanishing.
By Tom
Bad timing
By Cal