Grimleys to sell Man City store
GVA Grimley has been instructed to advise on the sale of the City Store at Manchester City FC's stadium as an investment opportunity.
The agent is seeking offers in excess of £5.96m, which based on the rental of £441,249.20 a year will give a net initial yield of 7%, with guaranteed fixed uplift in July 2014 of 8% net of the purchaser's costs of 5.75%.
The City Store is a 20,926 sq ft two-storey retail warehouse let to Manchester City FC on a 25-year lease, expiring in July 2029.
David Winterbottom, director in GVA Grimley's investment team, said: "As the commercial, educational and cultural centre of Northern England, Manchester is a prime location for investment. The City Store is a unique opportunity for a high profile Manchester City supporter to own an important piece of the club, or for investors with a keen interest in the sport. We have had a number of interested parties to date, and are confident that the store will sell quickly."
