Standard Life buys in Princess Street

55 Princess Street in Manchester has been bought by Standard Life Investments from Benson Elliot for £22.4m in an off market deal, a £7m increase in value since the building was last sold in 2013.

The purchase price represents a net initial yield of 5.65%. The acquisition was made by Ignis UK Property Fund, part of Standard Life.

The 56,000 sq ft property was bought by Benson Elliot from LNC Developments in 2013. The price tag was understood to be around £15m.

The block is made up of 51,700 sq ft of offices and a 4,100 sq ft ground floor unit.

The Hodder & Partners-designed 55 Princess Street was built in 2008 by a joint venture between LNC and CTP, and was formerly known as Aurora.

Following Benson Elliot’s acquisition, the offices were refurbished by 5plus Architects and Powell Williams.

Law firm Trowers & Hamlin agreed a 10-year lease on 17,200 sq ft within the building earlier this year. The office is around 25% vacant.

The property is asset managed by Cube Real Estate. JLL and OBI Property are joint agents.