King Street Commercial, the Manchester-based property consultancy, has completed three leisure investment deals in Cheshire and Manchester city centre.
Acting on behalf of CBRE Global Investors, which was representing the Shell Pension Fund, King Street Commercial acquired 76-80 Deansgate for just over £7m, reflecting a net initial yield of 5.47%, from a private individual. The 34,346 sq ft building is home to La Tasca and The Botanist. The upper floors are vacant. CBRE advised the vendor.
King Street Commercial also completed the acquisition of the 5,400 sq ft Amba Lounge in Hale, again from private investors. This was acquired for clients at a price of around £1m showing a net initial yield of 7.75%. The Restaurant Bar & Grill in Alderley Edge, which comprises 2,706 sq ft was sold on behalf of a private client to a local property investment company at a price of circa £1m reflecting a net initial yield of 5.8%.
Darren Moorhouse of King Street Commercial comments: “The leisure industry is a very active sector of the market and these three prime properties, home to highly successful restaurant operators in established popular locations.”