Tue, 22 Mar 2022 | COMMERCIAL PROPERTY
The 255,000 sq ft Universal Square office block in Manchester has been put up for sale with an asking price of almost £54.7 million. The property is being sold by MCR Property, with the Manchester investment properties division of CBRE marketing the building for sale.
Universal Square sits on a 6.5 acre site on Devonshire Street North, close to Manchester's Piccadilly Station. It comprises five inter-linked buildings, which include office space, meeting rooms, a business centre, gym, restaurant and parking for over 830 cars.
The building is currently 98 per cent let, with occupiers including banking and finance education institution Global Banking School, which occupies 40,000 sq ft of the site, car finance and loan firm CarFinance 247, which occupies 38,000 sq ft, and IT infrastructure provider Softcat, which occupies 28,000 sq ft.
Other occupants of the complex include First Choice Accountants, Supreme Child Care, Mobile 9 Workshop, RMB Solicitors and Albaaz Security.
The new owner of the site will have the opportunity to set rents within Universal Square that reflect the rates of recent lettings. There is also scope for the development of a new reception area and external public space.
Commenting on the sale, CBRE’s Executive Director of Investment Properties Colin Thomasson said: “Universal Square offers excellent investment potential through its highly competitive rental position and strong performance, as well as great tenant retention.”
“The campus has secured in excess of 135,000 sq ft of lease re-gears and lettings in the last two years alone which is testament to its attractiveness to occupiers. The value-add potential is significant and we look forward to entering into discussions with interested parties.”
One of the best ways to find properties below market price is to look at recent administrations.
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