Zenith sold to tenant for £31m

Bet365 has bought The Zenith office in Manchester’s Spring Gardens for £31.5m, a net initial yield of 5.25%.

Bet365 is a tenant of The Zenith and currently occupies around a third of the building, which is located at the centre of what is considered Manchester’s traditional business district.

The 75,000 sq ft office was sold by AM Alpha, who purchased the building for £23m from TH Real Estate in 2016.

Other occupiers include AEW Architects, Palatine, and the Royal Mail post office on the ground floor.

AM Alpha was advised by CBRE, Bet365 was represented by Knight Frank.

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