Allied London has completed the sale of No 1 The Avenue at Spinningfields for £18.6m to IM Properties reflecting a net initial yield of 6%.
The 41,000 sq ft building includes an 8,000 sq ft ground floor retail store let to Armani on a 16-year lease, which opened on Saturday, and a 7,000 sq ft ground and basement bar and restaurant unit. The unit will house a new bar restaurant concept from the founders of Living Ventures.
The upper floors consist of 26,500 sq ft of new Grade A office accommodation.
Allied London was advised by Jones Lang LaSalle.