Urban Splash NQ block for sale
Urban Splash has put the mixed-use Smithfield building in Manchester's North Quarter on the market with a £6.5m price tag.
The 0.6-acre island site on Oldham Street has 39,000 sq ft of retail and leisure space over 21 units on the ground floor and basement, and 64,435 sq ft of residential over 81 flats.
A sale at £6.5m would represent an 8.76% yield.
Smithfield is made up of five Victorian buildings that originally housed the department store Affleck & Brown. They were interconnected as part of a redevelopment by Urban Splash and architect Stephenson Bell in 1995.
The retail and leisure units are fully let. Tenants include Piccadilly Recordings, Forbidden Planet, Superstore and North Tea Power Café. The block is next to indoor market Afflecks.
WHR and Lewis & Partners are the joint agents.
All parties declined or were unavailable to comment.
UPDATE: The redevelopment was completed by Stephenson Bell Architects.
By Ed.
That sounds incredibly cheap, equivalent to £64k per flat/unit when flats in the city centre are selling for £100k. The Northern Quarter seems as popular as ever for both resi and retail and this site is very close to the city core as well, so why so low?
By DL
Because the flats have been sold off on a long leasehold basis.
By DC