Advised by CBRE, Helical has purchased the 59,000 sq ft building on Manchester’s Hilton Street from a private individual for £16.5m, reflecting a net initial yield of 5.3%.
The grade two-listed building sits to the rear of 35 Dale Street, also owned by Helical, and is multi-let to 26 tenants, largely from tech, creative, and fashion industries.
Helical is now planning to undertake a rolling refurbishment programme, carried out as space becomes available, while common areas will also be upgraded.
Will Parry, asset management executive at Helical, said: “Fourways House is a typical Helical building, meaning that it will provide plenty of opportunities to improve it visually, and create office space targeted at the tech and creative industries.
On an operational basis it will also lend itself to providing flexible leases, thus enabling us to work alongside our tenants to provide a long-term home for their growing businesses.”
Following the purchase, Helical now owns five offices totalling around 450,000 sq ft.
Office space at Helical’s adjacent building at Dale Street, which was purchased by the company in May 2015, is now fully let after child safety seat company Diono took the remaining 7,600 sq ft on the second floor. A 6,000 sq ft retail and leisure space on the ground floor is still available.