Acting on behalf of Bluefig Investments, Goodall Investments has completed the off-market acquisition of Europa House, at 55 Mosley Street in central Manchester, for £1.95m.
The whole of the 9.194 sq ft building has been let on a short-term leaseback to language school Berlitz Manchester.
Rob Goodall, director of Goodall Investments, said: “My client has been looking for opportunities to acquire buildings in the city where he feels he can add value by undertaking a quality refurbishment, something we have done most recently at 56 Princess Street, which we sold earlier this year.”
Bluefig, again represented by Goodall, bought that building for £2.7m in September 2015, subsequently undertaking a full asset management programme, refurbishing common areas and three floors and re-gearing several leases. The 18,789 sq ft building was sold off-market in March for £5.2m, at which point it was producing £208,000 a year in rental income with two floors vacant.
Goodall concluded: “With the recent 30,000 sq ft letting to the Parliamentary Ombudsman at Citygate next door, and the sale of One New York Street, we see Mosley Street as being an improving location.”
Daniel Harris & Co acted for the vendor.