Spinningfields

RBS Spinningfields offices up for sale

Jessica Middleton-Pugh

The group of companies which owns RBS's 500,000 sq ft office in Spinningfields in Manchester has entered into administration.

Plot 101 Nominee, Plot 101 Nominee 2, Plot 403-405 Nominee and Plot 403-405 Nominee 2 were all controlled by Matrix Securities. The vehicles own the 350,000 sq ft 1 Hardman Boulevard and the 150,000 sq ft 1 Spinningfields Square, which are both occupied by RBS on long leases.

EY Real Estate Corporate Finance team has been appointed administrator and Savills as agent to market the properties for sale. The value of the properties is reportedly £300m representing a 5% yield. There are 24 years remaining on the RBS leases.

Ben Cairns, joint administrator at EY, said: "1 Hardman Boulevard and 1 Spinningfields Square, are two prime office buildings with over 500,000 sq ft located in the Spinningfields development in central Manchester.

"The joint administrators are currently undertaking a full review of the two properties with a view to finding a buyer or buyers. The office locations continue to be fully serviced by managing agents and the tenants and suppliers will not be affected by the administrations."

Mathieu Roland-Billecart, partner in the EY real estate corporate finance team said: "A formal sales process will commence shortly for these two office investments in Spinningfields, central Manchester. This represents a unique opportunity to acquire two of Manchester's most prestigious offices, fully let to RBS for another 24 years."

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