Village office sold for £2.7m
The 18,500 sq ft 56 Princess Street in Manchester has been acquired by Goodall Investments on behalf of Bluefig Investments for £2.7m.
The grade two-listed former textile warehouse building was converted into offices and is located within Manchester’s Gay Village overlooking the Origin development recently acquired by Urban & Civic.
The property currently produces a net rental income of £105,073 each year and when fully let, the income would increase to more than £300,000.
The mill was sold by Donal Mulryan’s West Properties, which also owned the Origin site until it was sold to Morgan Stanley in 2011 as part of the disposal of £216m of Mulryan’s assets by the Irish Government’s National Asset Management Agency.
Robert Goodall of Goodall Investments, said: “The character office investment offers the investor the opportunity to improve the presentation of the building and add value through the letting of vacant space and re-gear of existing leases.”
WHR acted for the vendor.