Spinningfields office sells for £100m

3 Hardman Square has been sold by M&G Real Estate to Royal London for more than £100m, in a deal that reflects a yield of around 5%.

Place North West understands that contracts have been exchanged on the purchase, with completion expected in January.

The 178,000 sq ft building, designed by Foster & Partners and originally occupied largely by law firm Halliwells, was bought by M&G for £91.7m in January 2015 from Credit Suisse, which had built up the tenant roster over the years since Halliwells was placed into administration by the High Court in 2010.

Occupiers include payment processor WorldPay, law firm TLT, Towergate Insurance, i2 Office and Michael Page, with restaurants at ground floor including Carluccio’s.

Earlier this year, M&G acquired 101 Embankment from Ask Real Estate for £105m, and according to head of business space Chris Perkins, the fund remains on an acquisition drive in Manchester.

CBRE advised Royal London. GVA and CBRE are agents on 3 Hardman Square. M&G declined to comment.