Midos buys 205,000 sq ft Trinity Bridge House
The London-based investor has bought the Salford office building from WP Carey.
Midos Group is understood to have paid around £25m for Trinity Bridge House, which was marketed for sale last year with a £36m price tag.
The sale reflects a net initial yield in the region of 12%.
Midos confirmed the deal when approached by Place North West but declined to comment further.
Other assets within the Midos portfolio include a 550 PBSA scheme in Swansea and Discovery Park, a life sciences complex in Kent.
The investor’s website claims the firm will “assess any opportunity” provided the risk/reward ratio is attractive.
Trinity Bridge House provides a short-term reward; it is currently fully let to the Department for Levelling Up, Housing, and Communities on a 15-year FRI lease, accommodating 3,000 employees across eight floors.
However, the lease has just under five years left to run, which presents a risk.
Come the end of the lease, Midos may have to look at options around refurbishment and repositioning the building, which was constructed in 1998.
The 1.4-acre site presents longer-term redevelopment opportunities and is located within Salford City Council’s Chapel Wharf regeneration zone.
Knight Frank and ACRE advised Midos.
Hope they give it a facelift worthy of the nearby new bailey area. Very depressing to look at in its current state
By Anonymous
I thought this was a Tax Office (aka Revenue & Customs) rather than a ‘Levelling Up’ office?
By Salfordian
Yeah, it’s mostly HMRC at the moment, there is increasing other gov departments.
By Dave