Cordea Savills has purchased a purpose-built office building with ground floor retail units in the centre of Manchester on behalf of the Bishopsgate Long Term Property Unit Trust.
Cordea Savills has purchased a purpose-built office building with ground floor retail units in the centre of Manchester on behalf of the Bishopsgate Long Term Property Unit Trust.
The £16.6 mln (€20 mln) acquisition from property company Bruntwood reflects a net initial yield of 7%. The transaction brings the total value of completed investments on behalf of the Bishopsgate fund to £270 mln.
The property is located at 1 Portland Street and covers almost 5,600 m2, of which 85% is devoted to office space and the remainder to three ground floor retail units. The tenant line-up includes Tesco, Costa, the Portuguese foreign affairs ministry, the British Transport Police, Hiscox Insurance, Towergate and G4S.
Cordea Savills was represented by Knight Frank. Bruntwood was not represented.
