Trinity Bridge House, c. Google Earth

Trinity Bridge House offers 205,700 sq ft of city centre office space. Credit: Google Earth

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.

Your Comments

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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

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