Investment and development company Quorum has acquired a 26,000 sq ft office at Cheadle Royal Business Park for £4.4m, and two offices in Sale for £1.1m.
The block in Cheadle Royal was bought from Railway Pension Nominees, with the sale price reflecting a net initial yield of 8.45%.
The three-storey building, known as Lakeside 5500, is fully let to Agilent Technologies and Micron Europe Ltd who occupy 17,100 sq ft and 8,800 sq ft respectively. The lease with Agilent has been regeared until 2022, negotiated by Edwards & Co on behalf of the tenant.
In Sale, Quorum bought the two offices on Dane Road, the 13,200 sq ft Metro House and the 5,000 sq ft Chester House, from a private Irish investor.
Chester House is fully occupied by Virtalis, a virtual reality company. Metro House is home to a number of occupiers including Royal London, Heritage Friends Life and Positive Solutions.
TFC acted on behalf of Quorum.