Circus changes hands as CBRE Global eyes Manchester
Private investors have sold the leisure block known as the Circus in central Manchester for a £4m profit after holding it for less than three years.
CBRE Global Investors paid £24.45m for the 140,490 sq ft building on the corner of Oxford Street and Portland Street. The acquisition will yield 5.7%. Premier Inn, Whitbread, JD Wetherspoon and Boots UK occupy the building, finished in 2001.
Investors trading as Circus Invest acquired the asset from LaSalle Investment Management in August 2011 for £20.1m.
Parkdales acted for CBRE Global Investors and CBRE for the seller.
In December, CBRE Global Investors paid £23.075m for Tower 12, containing offices over restaurants in Spinningfields bought from Allied London. CBRE acted for CBRE Global Investors and OBI for the seller.
Michael Ness, head of UK, CBRE Global Investors, said: "Manchester has experienced significant investment over the last 10 years and presents strong growth opportunities. These transactions reflect CBRE Global Investors' active investment management strategy in good quality assets outside London."
