35 Fountain Street sold for £16m

IVG has sold the 50,600 sq ft office in Manchester city centre to CBRE Global Investors in an off-market deal for £16.1m, reflecting a net initial yield 5.5%.

IVG was represented by CBRE and OBI Property, while CBRE Global Investors was represented by Whitaker Horton.

35 Fountain Street was formerly the back-office for Royal & SunAlliance, and after it was vacated in 2012 was given a £2.5m refurbishment designed by 5plus Architects.

The building includes a fully glazed entrance frontage and reception, modern tenant hub, 110 cycle racks and refurbished offices.

Car hire company Rentalcars recently took occupation of 38,000 sq ft in the building on a five-year lease. One floor remains available.

Quoting rent in 35 Fountain Street ranges between £19.50 to £22.50/sq ft.

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