1 New York Street

Bruntwood ‘close to 1 New York Street sale’

Property group Bruntwood is understood to be close to completing the sale of 1 New York Street in Manchester city centre to investment manager Invesco.

According to reports Invesco has agreed to pay around £40m for the 111,000 sq ft block.

Such a deal would give Manchester-based Bruntwood a net yield of 6.5%.

Bruntwood is said to be keen to use some of the cash to help fund the £20m acquisition of a 200,000 sq ft tower in Birmingham.

Meanwhile, the group has secured seven new lettings totalling 17,490 sq ft in across its Liverpool city centre portfolio.

Parabis Law has expanded its office in The Plaza, taking 5,200 sq ft on the sixth floor. Architect Nightingale Associates has also taken a 3,500 sq ft suite in The Plaza.

Another law firm, HH Law, has taken an extra 4,300 sq ft in the Cotton Exchange and now has 9,000 sq ft. Also in the Cotton Exchange, MJP Personal Injury has expanded its office to 3,000 sq ft and travel agent Targa Travels has taken 650 sq ft.

At Oriel Chambers, Recovery Plus has expanded by 250 sq ft and architect MgMa Studio has taken a lease for a 340 sq ft.

David Seddon, sales surveyor for Bruntwood, said: "These new lettings mark a really positive start to the year in Liverpool. We're seeing many existing customers expanding their office space in all of our buildings and we've worked closely with them to ensure we provide the best space for their specific needs."

Bruntwood owns nine major office buildings in Liverpool city centre.

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