IM Properties buys Spinningfields building

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.

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