Property Alliance Group has sold Trident Office Park close to Manchester Airport to investment manager Longmead Capital, reflecting a net initial yield of 7.25%.
Trident extends to 106,000 sq ft over four buildings and has been overhauled since Alliance took possession.
Then comprising 86,000 sq ft across three buildings, Trident was bought from Kennedy Wilson for £5.2m in 2015, with Alliance then acquiring the 18,000 sq ft Renold House for £1.5m, converting this space into The Landing.
As part of a £7.5m investment programme that also included amenities including a gym, café, bike hub, shower facilities and extensive on-site parking, further space was added to Trident with The Drum, a cylindrical extension that features glass-fronted office suites overlooking the entrance.
The scheme is 90% let, with occupiers including Avecto, Renold, MPM Products and Convergys.
Alex Russell, managing director of Alliance, said: “The sale of Trident is testament to the strength of both our offices and asset management teams.
“We responded swiftly to market demand, providing high-quality refurbished office space as well as unrivalled on-site amenities. This has resulted in a first-class business location, which has quickly achieved record rents, attracted high calibre tenants and helped occupiers to recruit and retain talent.
“We are immensely proud of the success of Trident and wish Longmead Capital future success with its new asset. Following the sale, we are actively looking for new sites to bolster our offices portfolio, both in the North West and Yorkshire, and look forward to announcing new projects shortly.”
CBRE acted for Alliance, with Colliers International representing Longmead. Both consultancies have been retained to let the remaining vacant space.