Manchester’s One Angel Square hits market for £210m
The Co-operative Group is based in the nearly 330,000 sq ft building, which sits in the heart of the NOMA district.
The Grade A office building is owned by a special purpose vehicle created by RREEF Investment GmbH, part of Deutsche Bank, and Bedell Corporate Trustees, a Jersey Property Unit Trust. The SPV purchased the building’s freehold in 2013 for £142m.
That is nearly £70m less than the proposed £210m the building is up for now.
CBRE, which is marketing the site, said that a purchase at the £210m price would reflect a net yield of 5.17%.
One Angel Square is 15 storeys tall, not including its basement. It is capable of subdividing each of its floors to create suites from 3,000 sq ft to 29,000 sq ft in size.
Amenities include south-facing roof terraces and an auditorium. The building also boasts a coffee shop, gym, fitness studio, restaurant, and onsite convenience store.
Designed by 3DReid, the Grade A office building boasts an Outstanding BREEAM rating and an A+ Energy Performance Certificate.
Built in 2012, One Angel Square also has 146 car parking spaces and 105 spaces for cycle storage. There are also EV charging points on site.
It is under a single FRI lease to The Co-op for 25 years, with the deal expiring in February 2038. In December, the Co-op revealed its intention to sublet 74,000 sq ft in the building, recruiting Avison Young to market the space.
Topped-up rent in the building is £11.6m a year and is forecasted to rise to £12.3m a year after a five-year review in 2023.
One Angel Square sits within NOMA, which sits near Shudehill and Victoria stations. Owned by investor Federated Hermes, NOMA is an £800m mixed-use scheme that, when complete, will bring a total of 4m sq ft of commercial and residential space to Manchester.
One Angel Square’s NOMA neighbour, the CIS Tower, is also on the market.