South Manchester office scheme on market with £39m price tag
Aviva Investors’ 208,000 sq ft Atlas Business Park is let to occupiers including Mitie, Bowmer + Kirkland, and Vodafone.
The investor has instructed JLL to market the 15-acre site for sale and is seeking offers of £38.85m.
The asking price reflects a net initial yield of 9%, with a reversionary yield of 9.6%.
Atlas Business Park, located off Simonsway close to the airport, is let to 12 tenants and generates an annual rental income of £3.7m.
Around £1.4m of this comes from Vodafone, whose lease on 81,000 sq ft began in 2001 and expires in 2029.
The park comprises four buildings:
- Building M – an 81,000 sq ft building let to Vodafone
- Altitude House – a 46,000 sq ft building let to B+K, Emcor Group and JXT Consultancy. 15,000 sq ft was let to Managed Serviced Offices but that company is now in administration.
- Atlantic House – a 48,000 sq ft building let to Bureau Veritas UK and Freedom Finance, among others.
- Pacific House – a 33,500 sq ft building let to Mitie
Overall, the park has a WAULT of seven years to lease expiry and five years to earliest termination.
South Manchester’s office market has averaged annual take-up in excess of 840,000 sq ft over the last five years.
