CBRE GI picks up Core

CBRE Global Investors has acquired the Core building in Manchester’s Brown Street from developer Boultbee Brooks, for a price understood to be around £21.5m.

Boultbee Brooks bought the building, formerly known as St James’s Court, from Himor for £6.5m in 2015. At that point it was a 38,000 sq ft building over five floors, but the space was reconfigured internally, and with a rooftop extension adding a further 7,500 sq ft floor in an £8m overhaul, it was relaunched in 2018 boasting around 48,000 sq ft.

The building is now fully let, with online gambling giant Bet365 taking 25,000 sq ft early this year, joining Totaljobs and co-working operator Work.Life at the building.

Although sold off-market, Place North West understands that the building had previously been under offer at a slightly higher price before terms were agreed with CBRE GI at £21.5m, representing a yield of around 6%. Contracts have now been exchanged.

CBRE GI was represented by CBRE and Boultbee Brooks was represented by Aurum Real Estate.

Both parties declined to comment.