Tue, 28 Jan 2014 | COMMERCIAL PROPERTY
Sunlight House, a grade ll listed building on Quay Street in Manchester, has been bought by Scottish Widows Investment Partners’ Property Trust for £34.5 million. The deal represents an initial yield of 6.3 per cent.
Previously owned by Aviva Investors, the 214,000 sq. ft. property is home to businesses including advertising firm BJL, Swedish banking group Handelsbanken and car hire broker Travel Jigsaw.
Aviva had previously announced its plans to sell the building and seven other regional properties by 2015.
Built in 1932 by Joseph Sunlight, it is 14 storeys high and was originally intended to be 30, but the local council scaled the plans down. On completion it was still the highest building in Manchester at 14 storeys.
The original swimming pool on the ground floor of the art deco style building is still in use today as part of Bannatyne’s Health Club.
Deputy fund manager Kerri Hunter said: “We really like this property as it’s a striking building, in a great location, with large open plan flexible floorplates. Not only is it on the doorstep of Spinningfields, there are a number of developments and refurbishments planned for the street so the immediate location is set to improve further in the short term.
“With average rents in the low teens, we believe the building is currently punching well below its weight and, particularly given the tight supply of good quality space, has great income growth potential.”
_________________________________________________________________________
Related information:
Property for sale
Acquisition finance
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.