St George's House, a 50,000 sq ft office building on Peter Street in Manchester city centre, has been sold for £5m by Scottish Widows to clients of GGM Properties.
The sale reflects an initial yield of 6%. It is the second city centre acquisition through GGM Properties, which is headed by Ged Mason and Peter Smith.
St George's House has 30,000 sq ft of vacant offices and is home to Pizza Express and Bet Fred at street level, below AFL Architects and STA Travel.
Dan Crossley of WHR Property Consultants, advising GGM Properties, said: "The new owners of St George's House are unique in this market as they are prepared to commit to significant capital expenditure for the right opportunities. With the help of WHR, the property company has gradually expanded its existing varied property portfolio over 10 years and St George's House presented the perfect opportunity as it is a prominent landmark building situated in an ever improving area that is set to benefit from substantial investment in the future."
GGM Properties will undertake an immediate programme of refurbishment in order to attract new occupiers for the remaining space.
Rehan Zaman of CBRE represented Scottish Widows.