Wrather Group takes listed office block in £18.5m deal
20 February 2008 13:59
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Manchester property magnate Bill Wrather's company Wrather Group has bought the city's listed Arkwright House office building for £18.5m.
The deal reflects a net initial yield of around 6%.
Tenants of the 85,000 sq ft office block, which is located on Parsonage Gardens, off Deansgate, include HSBC and insurance firms CGU, Bain Hogg and Aon, while vodka bar Revolution occupies the ground floor. The Wrather Group will carry out work on the building in order to secure rental uplifts, and a refurbished single 15,000 sq ft floorplate at the building will be available later this year.
Cushman & Wakefield and Edwards & Co acted on behalf of Wrather.
The seller was a client of CB Richard Ellis Investors.
