King Street building reaps £18m for Aprirose

HPPUT, part of the Daily Mail & General Trust pension scheme, has purchased the freehold interest in 76 King Street, Manchester for £18.25m.

The city centre building comprises two ground floor retail units and four upper floors of offices, providing a total of 41,414 sq ft of space. The property is fully let, with tenants including serviced office provider Orega and law firm Bryan Cave Leighton Paisner, alongside retailers Belstaff and DKNY.

The grade two-listed Victorian building was renovated under 53N’s ownership in 2012 to designs by 5Plus Architects, with facilities including a remodelled reception and rooftop terrace added and the office floors all brought back into use. Aprirose bought the building in 2015 for £16m.

Gerald Eve advised HPPUT. Leo Nicholson, senior associate, said: “In line with the strong performance of the Manchester and wider North West economies, the demand for city centre space, from both occupiers and investors, continues to grow.

“Offering good income and considerable asset management opportunities, 76 King Street is uniquely well placed to capitalise on the strong market dynamics and is a great addition to HPPUT’s portfolio.”

CBRE represented Aprirose.