Aberdeen to dispose of city office block

Aberdeen Asset Management has appointed Savills to bring to the market Commercial Buildings in Manchester for a guide price of £6m, which would reflect a net initial yield of 7.54%.

The collection of three buildings is located within the prime office core in the heart of the city centre at 11-15 Cross Street, 8 New Market and 26/28 Pall Mall respectively. Collectively the freehold properties total 35,223 sq ft of offices and 1,658 sq ft of retail, along with 48 basement car parking spaces.

Current tenants include Addleshaw Goddard, Office Angels, O2 and Subway generating an annual rental income of £478,700.

Savills said: "Commercial Buildings benefits from a superb central position in the city centre with an excellent car parking provision and offers a number of opportunities for investors to maximise potential such as refurbishing the office space or embarking on a more comprehensive redevelopment, subject to planning."

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