Cornerblock CPUK

Catella APAM buys Corner Block for £24.8m

The office building at the junction of Manchester’s Deansgate and Quay Street has been sold by Credit Suisse for a net initial yield of 6.25%.

Credit Suisse bought the building in 2015 for £12.25m, and undertook a redevelopment programme, led initially be vendor Bruntwood in a retained role, then by Cushman & Wakefield.

The building, formerly known as Overseas House, offers around 55,000 sq ft of office space across seven floors.

C&W remained as joint letting agent on the building, which is currently 30% vacant, taken with rent guarantees on the sale, which was completed this week. C&W acted for the buyer, with CBRE representing Credit Suisse.

Catella APAM was formed through a 2018 deal that saw international group Catella buy out 75% of APAM, the real estate investor and asset manager formed by David Russell in 2010.

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