Heron House, the 123,000 sq ft office, retail and leisure building in Manchester's Albert Square directly opposite the Town Hall, has been put on the market with a £39m price tag representing a 5.03% yield.
The building is let to Manchester City Council for in excess of 21 years. There is 14,000 sq ft of leisure and retail space on the ground floor which is all tenanted. The upper five floors comprise 109,600 sq ft of offices and the building brings in a net income of around £2.1m a year.
The building was completed in 1980 and occupies nearly one acre of prime city centre land.
Sub-tenants include Trowers & Hamlins Solicitors, Leech & Co Solicitors, Workman, Greggs, Wings Restaurant and Slug & Lettuce bar and restaurant.
The vendor is a private investor.
Mike Fisk of Fisk & Co has been appointed to market the property.
Fisk told Place North West: "This is a rare opportunity to purchase one of Manchester's most sought after trophy office buildings, let to the undoubted covenant of Manchester City Council for in excess of 21 years."