Manchester’s One Marsden Street on market for £23m
Aberdeen is looking for buyers for its 68,000 sq ft office block in the city’s central business district.
If sold at its £22.6m guide price, the deal for One Marsden Street would reflect a net initial yield of 8.75% and a capital value of £333/sq ft.
Currently fully let, One Marsden Street brings in £2.1m in rent a year, effectively £29.84/sq ft. This is a far cry from Manchester’s headline rent – which is estimated by office agents to reach £57/sq ft next year.
Tenants include Knight Frank, Newmark, Cushman & Wakefield, and BGF, with some having occupied the 12-storey building since it was built in 2002.
In addition to Grade A office space, the building boasts 22 basement parking spaces and two on the ground floor.
Its floor plates average 6,000 sq ft and can be subdivided.
One Marsden Street had its façade remediated recently, completing a £5.5m programme of works in November. The building is also fully electric, with heat pump systems introduced in 2024.
Over the years, One Marsden Street has changed hands five times, most recently to Aberdeen. One Marsden Street was sold in 2015 for £26.7m, according to HM Land Registry data.
JLL is the marketing the property for Aberdeen.
