Real Estate Investment Partnerships and Hardy Mill Properties have sold the 9,000 sq ft commercial element of Jewel House in Manchester’s Northern Quarter for £2m, a yield of 8%.
The purchaser was a private investor.
The grade-two listed building on the corner of High Street and Thomas Street houses pizza restaurant Dough, and bar Apotheca.
The units provide a passing rent of £165,000 each year.
Real Estate purchased the property in 2012, and is currently selling 14 apartments within the building.
Steve Slater, investment director of Real Investment Partnerships, said: “Locations like Jewel House will always be popular and Real Estate saw this property as a great investment. The large commercial space on the ground floor gives tenants a great opportunity and we continue to look for similar properties for our portfolio. We are very pleased with the deal and consider the investment to be of a high quality in what is Manchester’s up and coming area. Generally, mixed-use developments fuel the growth of the local area-both economically and socially and we look forward to working on more projects similar to Jewel House.”
Metis Real Estate acted for Hardy Mills and WHR acted for the purchaser.