Queens House, Queen Street, Manchester, M2 5HT
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Franck Steier Price has recently completed the acquisition of an office and retail investment in Manchester City Centre on behalf of CBRE Global Investors.
The property is located on Queens Street just off Deansgate in Manchester’s CBD. The property comprises a ground floor retail unit of 2,725 sq.ft, six upper floors of office accommodation totalling 19,209 sq.ft and a basement car park with 12 car parking spaces.
The ground floor is let to Toni & Guy (North) Ltd, guaranteed by Mascolo Ltd on a 10 year lease (5 year tenant break) from 19 January 2014. The rent is £37,250 per annum.
The 1st-6th floors are let in their entirety to Claims Advisory Group Ltd and Claims Advisory LLP, guaranteed by Blair Endersby Ltd on a lease expiring on 28 September 2014. Current rent £308,754 per annum.
The purchase price of £3,050,000 reflected a net initial yield of 10.72% after purchaser’s costs of 5.80% and a capital value of £139 per sq.ft.
The vendor was West Sussex County Council Pension Fund represented by Joiner Cummings.
