Thu, 01 Dec 2016 | COMMERCIAL PROPERTY
The Equitable Building in Manchester is up for sale for £12.5 million.
The site, on the city’s St Ann’s Square, comprises 28,516 square foot and is the former home of furniture retailer Habitat. It was bought by investment house Draco and Davy back in 2003.
According to the Business Desk, real estate firm Cushman & Wakefield have been appointed sole agents on the building. If sold, the price would equate to a net initial yield of about 5.42 per cent.
The Equitable Building has around 9,000 square foot of retail space on the ground floor which is currently let to telecoms firm Three and jewellery businesses Ernest Jones and David M Robinson.
Its top three floors, totalling nearly 20,000 square foot, have previously been used as retail accommodation but there is potential to adapt the space for residential, office or hotel use.
Matt Stretton, partner at Cushman & Wakefield, was quoted as saying: “This is a unique investment opportunity to acquire a landmark building prominently situated in the heart of Manchester city centre’s retail and business district."
Manchester’s commercial property scene is very active at the moment. Earlier this week it was announced that the city’s five-star Lowry Hotel had been put on the market.
The luxury hotel, known for its celebrity guests including Beyonce and Lady Gaga, has 158 rooms and seven suites and recently had a £4 million refurbishment.
CBRE has been instructed as sole agent to find a buyer for the hotel.
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