M&G acquires Manchester office for £49m
New Ireland Assurance has offloaded the 104,000 sq ft 58 Mosley Street.
M&G Real Estate has purchased the Manchester office block for around £49m, reflecting a net initial yield of 5.5%.
Around 70,000 sq ft of the building is occupied by Slater & Gordon, which moved in in 2014 after the previous tenant – rival law firm Corbetts – went into administration.
The remaining office space, around 33,000 sq ft, is sublet to workplace consultancy Instant Group.
Ground floor retail and leisure units are let to occupiers including American Pies and Sainsbury’s.
CBRE advised New Ireland Assurance on the deal.
Elsewhere in Manchester, M&G is advancing plans to overhaul another of its office assets.
Working with Ask Real Estate and Jon Matthews Architects, M&G wants to demolish 50 Fountain Street and construct a new seven-storey building while retaining the original façade.