German property fund Hansainvest has bought 2 Hardman Street in Spinningfields, Manchester for £56.7 mln (EUR 63 mln). The property was sold by Legal & General (L&G) at a net initial yield of 6.75%. The 150,000 sq ft (14,000 m2) building, which was completed in April 2006, is currently let to Deloitte and The Guardian Media Group. L&G purchased the asset two years ago for a price of £86 mln.
German property fund Hansainvest has bought 2 Hardman Street in Spinningfields, Manchester for £56.7 mln (EUR 63 mln). The property was sold by Legal & General (L&G) at a net initial yield of 6.75%. The 150,000 sq ft (14,000 m2) building, which was completed in April 2006, is currently let to Deloitte and The Guardian Media Group. L&G purchased the asset two years ago for a price of £86 mln.
CB Richard Ellis represented Hansainvest and legal consultancy was provided by Linklaters. King Sturge represented the vendor. Simon Wood, head of the North West capital markets team at CB Richard Ellis said: 'The remit was to buy the best office space we could identify outside London. Essentially, that meant we had to look at Spinningfields, which has successfully positioned itself as the UK's pre-eminent regional office scheme, and having considered the client's criteria, we decided 2 Hardman Street was the best investment opportunity.'
'Eighteen months ago this property would have cost upwards of £120 mln,' Wood added.
