Manchester HMV building sold for £18.91m

British Steel Pension Fund has bought the HMV building on Market Street in Manchester for £18.91m, reflecting a net initial yield of 5.75%.

Previously owned by a private family trust, the property, located at 90-100 Market Street, comprises approximately 32,000 sq ft and is let to HMV until February 2016. The passing rent totals £1,150,000 a year.

Cushman & Wakefield advised British Steel, while Jones Lang LaSalle acted on behalf of the private family trust.

The private family trust bought the building from Co-operative Insurance Society in August last year for £14.8m.