LaSalle Investment Management has sold a prime city centre hotel and leisure investment on the corner of Oxford Street and Portland Street in Manchester.
The Circus, which consists of a 228 bedroom Premier Inn Hotel and ground floor retail and leisure units and casino, was purchased by Circus Invest for £20.1m which reflects a net initial yield of 6.19%.
Developed in 2001, partially behind a listed façade, and extending to approximately 140,482 sq ft the scheme is let to Whitbread Group, JD Wetherspoons, Boots the Chemist, Genting Casinos and Barracuda Pub Company and produces a total of income of £1,316, 424 a year.
Blandford Goldsmith represented the purchaser. Jones Lang LaSalle and Cortex acted on behalf of LaSalle Investment Management.