Agent Metis has sold the building, at the heart of Manchester’s retail core, off-market to DTZ Investors for £8.65m, reflecting a net initial yield of around 5.5%.
The grade two-listed building includes nine retail units including L’Occitane, Castle Fine Art, Whitewall Galleries, Midas Diamonds and GO Falafel. The estimated rental value per year is £539,000.
The asset sits at the corner of King Street, Police Street and Deansgate and includes 21 apartments over three upper floors, taking up 20,000 sq ft, all of which have been sold on long leases.
Barnfield Construction completed a £1.8m refurbishment of the upper floors for Dave Whelan vehicle Huron, before the building was sold to Edge Real Estate Property Investments, part of Brendan Flood’s Real Estate Group, as part of a £50m, 15-property portfolio in September 2017.