Siemens launches sale of Manchester campus
CBRE is seeking offers of £8.85m for the 88,700 sq ft Didsbury building and surrounding seven-acre site, reflecting a net initial yield of 9%.
While Siemens is looking to sell its Manchester campus, which is located off Princess Road, the firm would remain in it for the next three years, paying £9.70/sq ft.
The sale and leaseback deal will give the buyer the opportunity to acquire Sir William Siemens House and then either refurbish it once Siemens vacates, or deliver a new-build redevelopment of the site, according to marketing documents.
The art deco-style headquarters was built in 1990 and Siemens owns the freehold of the site. Manchester City Council holds a restrictive covenant over it, stipulating it must be used for offices.
CBRE claims the site would be suitable for redevelopment into uses pertaining to life sciences, subject to planning approval.
The site forms part of Didsbury Technology Park, which is being delivered by a joint venture between Manchester City Council, PJ Livesey, Siemens and Bruntwood.