Peel puts £9m price tag on Salford Quays office
Christopher Dee has been appointed to sell the 58,000 sq ft The Alex, which is let to M&S and the Ministry for Homes, Communities, and Local Government.
The building was last put up for sale in 2023 when Peel was seeking a combined £40m for the Alex and The Vic, the 123,000 sq ft building next door.
No deal was agreed and it is understood Peel intends to retain the Vic. Meanwhile, a buyer is being sought for a new 999-year lease on the Alex.
Christopher Dee is seeking offers in excess of £9m for the building, which overlooks Erie Basin and has a WAULT of 3.42 years, according to marketing materials. A sale at asking price would reflect a net initial yield of 11.5%.
M&S occupies three floors within the building while MHCLG has one. The first floor is currently vacant.
Built in 2002, The Alex offers floorplates of between 10,000 sq ft and 12,000 sq ft across five levels and includes 233 car parking spaces.
Jonathan Roe, director of asset management for Peel Land, said: “Positioned on the banks of Dock 9 and adjacent to MediaCity, The Alex has always been a desirable commercial space due to its excellent connectivity and nearby amenities which has driven consistently high occupancy with Grade A tenants for years.
“This is an exciting opportunity for an investor to be part of our wider strategic investment in Harbour City’s broader assets including the adjacent Victoria and multi storey car park.”
