Mosley Street bank reaches guide price at JLL auction

Michael Hunt

The Grade II-listed 10 Mosley Street bank building in Manchester city centre has been sold by the auction house of Jones Lang LaSalle for £1.255m, beating the £1.25m guide price.

Richard Auterac, auctioneer at Jones Lang LaSalle, said: "This was one of the best properties at our last auction and highlights that there are buyers with cash in the marketplace who'd rather invest in quality bricks and mortar than leave their savings in the banks who continue to offer comparatively smaller returns on their money with all time low interest rates. With demand for the best buildings getting stronger and a growing shortage in supply for these superior properties prices in the auction room can only go one way up."

The property comprises a ground floor banking hall with basement storage and three floors of office and ancillary accommodation above, plus a small mezzanine floor. The third floor is currently unused.

The approximate floor area totals 8,000 sq ft. The current rent is set at £115,000/year. Bradford & Bingley signed a full repairing five-year lease on 7 March 2008.

The auction took place last month at the Cumberland Hotel on Great Cumberland Place in London.

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