Peter House Manchester

Peter House sold at 7.5%

Serviced Offices UK GP, managed by Aviva Investors, has sold Peter House in central Manchester to a private Israeli investor for £14.7m, reflecting a yield of 7.5%.

The 100,000 sq ft building on Oxford Street facing St Peter's Square is occupied by serviced office operator Regus. It was on the market for £15m. Peter House was completed in 1958 and is arranged over basement, ground and eleven floors.

Jonathan Webb of DTZ, advising Aviva Investors, said: "Following the restructuring of the Serviced Office UK fund in 2008, DTZ has worked closely with Aviva Investors to achieve a successful disposal of assets held within the portfolio which were operated as serviced offices.

"Following the sale of Davidson House in Reading to Schroders in August, the sale of Peter House, Manchester completes the disposals process which attracted significant interest due to the high quality CBD nature of the assets."

WHR Property Consultants advised the purchaser.

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