Property Alliance Group, the Trafford Park-based investor and developer, has acquired a south Manchester office building from Selbourne Group for in excess of £4m, a 10% yield.
The 41,000 sq ft Roberts House at 80 Manchester Road is a refurbished office building and is fully let, with tenants including the Inland Revenue, the Employment Service and Meridian Business Services. The annual rent roll is £450,000.
Alex Russell, director of Property Alliance Group said: "Roberts House came available at an opportune time for us and fits in with our business plan to expand the portfolio with well-located buildings that have good asset management potential. We are well funded and actively pursuing growth opportunities in all sectors."
Michael De Massey, director of Selbourne Group said: "The sale demonstrates the strength of south Manchester's commercial office market, the area remains a popular business centre for national and regional organisations."
Hill Dickinson's Manchester property and construction team completed the sale of the office building on behalf of its longstanding client, Selbourne Group.
Squires Patton Boggs advised Property Alliance Group.