Piccadilly Gardens office changes hands

Europa Capital has sold One Piccadilly Gardens in Manchester to pension fund Legal & General in an off-market deal for around £75m, at a net initial yield of 5.75%.

The 167,000 sq ft building on the east side of the public square was developed by Argent and designed by Allies & Morrison, completed in 2003. There are six floors of office space with shops and restaurants on the ground floor, such as Pizza Express, Barburrito and Kro.

Tenants include property consultancy JLL, Allianz Cornhill and Bank of New York Mellon.

Developer Argent sold the building to an Irish investor for a reported £73m in 2005, who then sold it to Europa Capital in 2011 for £67m.

Savills represented L&G.

All parties declined to comment.

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