Acting for Savills Investments Management, Carrick Real Estate has completed a sale-and-leaseback deal on the three-storey Lookers House, off the A56 in Altrincham.
The building, headquarters of car dealership company Lookers, covers 21,000 sq ft over three storeys and sits off Manchester Road opposite Trafford College.
Reflecting a net initial yield of 6.68%, the building has been acquired and a new 15-year lease agreed with Lookers with a 10-year break. TSG represented Lookers on the off-market deal.
Steve Carrick, partner at Carrick Real Estate, said: “The South Manchester investment market is continuing to perform well, given the strong occupier demand and limited supply.
“Lookers is an excellent business and the tenant has spent a significant amount of capital expenditure on the building. We are pleased to be able to secure this deal off-market for our clients.”
The building is the latest office to change hands in Altrincham after the 5,000 sq ft former William H Lill Solicitors building on Old Market Place was purchased by Quinta Group for an undisclosed sum in July this year.