BAM Properties has sold St Peter’s Square, a 50,000 sq ft office let to home entertainment company Sky, to a South African investor for £12.39m, representing a net initial yield of 7%.
Sky has a lease on 95% of the office until March 202. There is also a 2,697 sq ft ground floor retail unit, which is currently vacant.
JLL acted for BAM Properties and Lindley Mortimer for the purchaser.
Last week, news energed that BAM had sold its Metro office in Salford Quays to property company Picton, for £17m.
Paul Smith, BAM’s northern development manager, said: “As anticipated we received considerable interest in this prime investment opportunity and received several offers. The Sky covenant was obviously a strong attraction for potential purchasers along with the council’s proactive approach to the revitalisation of Stockport town centre.
“It is another example of overseas investors acquiring high quality real estate in the North West. Buyers are attracted by the rental growth prospects offered by the imbalance between supply and demand and the perceived economic benefits of initiatives such as the Northern Powerhouse.
“The sale of St Peter’s Square and Metro, Salford Quays last week, will now enable us to focus on our search for new development opportunities in the North of England.”