A Gibraltar-based private investor has sold 121 Princess Street in Manchester City Centre to an unnamed local buyer who plans to refurbish the largely vacant building.
The property, which is best known as the home of 5th Avenue night club, is 42,500 sq ft in total over basement, ground and six upper floors. It achieves an annual income of circa £100,000. The property was marketed for sale at £2.5m.
Apart from the 5,000 sq ftnight club and an architects practice in 4,000 sq ft, the building is otherwise vacant. There are no plans at present for the existing tenants to move out.
The building is close to the site of the former BBC building on Oxford Road and redevelopment options include student accommodation or retention as offices.
OBI Property and Roger Hannah & Co advised the vendor. Gary Scorah, investment director of OBI Property, said: "There was strong interest in the property which offers the opportunity of a full refurbishment for offices or alternatively a possible change of use. The upper floors were mostly vacant and dilapidated, but the building has retained a number of interesting features from its former life as a traditional Manchester warehouse."