house-of-fraser-manchester

Deansgate House of Fraser building for sale

Acting for a private investor, Savills has brought to the market the iconic department store building, still known locally by many as Kendals, in Manchester with a guide price of £84.5m, reflecting a net initial yield of 5.07%.

The 387,595 sq ft building occupies a 1.64-acre site and is let to House of Fraser at an annual rent of £4.36m. The retailer has 33 years remaining on its lease. The plot comprises two separate buildings linked by basement passages and footbridges.

Oliver Foster, investment director at Savills, said: “This is a rare opportunity to acquire a prime landmark department store investment in Manchester, which as a city is recognised on a global scale for its retail offer. We expect the long unexpired lease term to House of Fraser and attractive yield to generate high levels of interest among investors in both the UK and overseas.”

Designed by local architect JS Beaumont working with Harrods’ house architect Louis David Blanc, the art deco building dates back to 1939 and is among the city’s most recognisable buildings. It was last sold in 2007 by Irish investment vehicle Sloane Capital.

Your Comments

A Mancunian icon and a beautiful building. According to Wiki, Kendals was also one of the very first department stores. https://en.m.wikipedia.org/wiki/Department_store

By Milne

Why is this more than double the value of the Liver building? Is Manchester really that far ahead of Liverpool economically?

By Elephant

It’s all based on yield and risk. This building is fully let, the Liver Building isn’t. In the current times Luverpool’s office market is a riskier proposition than Manxhester’s retail offering. Give it tim through and hopefully with LCC pushing Pall Mall Exchange forward hopefully Liverpool’s offer supply can start to compete healthily with Its neighbour in the same way it does nowadays in retail.

By CMW

Clearly I can’t type on a smart phone very well!

By CMW

There’s a buzz around St. Paul’s Square and the Commercial District even so, have just come from there and Princes Dock and the was truly impressed. If they can link these areas up better, then, there’s not many commercial districts that can park some of the biggest pleasure ships in the world, in their ‘front street’. The extension of the cruise terminal facility will stretch the landing stage to the full length of the Commercial District / Liverpool waters… Values, and demand, will rise.

By Alfie

REAL, older Mancs call it Kendal Milnes…..

By Schwyz

The Liver building is much mote impressive than Kendals. Thanks for explaining CMW.

By Elephant

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