York Street office / bar on market for £2.6m
20 June 2012 13:41
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GVA is marketing for sale the freehold of 1-3 York Street in central Manchester, occupied by Browns Bar & Brasserie and Linder Myers Solicitors.
The 23,500 sq ft Grade 2-listed building is owned by a syndicate of private individuals and generates an annual income of £244,989. The restaurant on the ground floor and part of the basement is let to Browns, a subsidiary of Mitchells & Butlers Retail, at £135,000 a year with 15 years unexpired.
The upper floors of the 1902 baroque-style block are occupied by Linder Myers at a rent of £109,989 on a lease expiring in March 2013, offering refurbishment potential.
The guide price of £2.6m would represent a net initial yield of 8.9% net of purchasers' costs at 5.8%.
