Ridgefield House up for sale

David McCourt

CBRE and Jenics have been appointed to sell Ridgefield House on John Dalton Street, Manchester, on behalf of Goldberry Properties.

The five storey city centre building totals 27,204 sq ft and is home to a number of office tenants and two main leisure occupiers; Manchester's Restaurant Bar & Grill and late bar venue, Panacea.

The Restaurant Bar & Grill is in the process of committing significant capital expenditure to their demise, having recently refurbished the first floor restaurant premises and created an external dining terrace at a cost of £400,000.

Further works are now planned for 2013, at a cost of £750,000, and include ground floor restaurant refurbishment, installation of second floor private dining facilities and a new rooftop sky bar, which will operate throughout the year with a fully retractable roof.

The agents are quoting a price of £6,475,000, which would reflect a net initial yield of 6.50%.

Will Kennon, associate director at CBRE, said: "This is a high profile opportunity to acquire a prominent centrally located building providing long term reversionary income with 91% of total income contracted until August 2025.

"In addition, investors have potential to benefit from substantial Rights of Light settlement in the short to medium term as a result of the proposed redevelopment of Brazenose House."

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