Manchester’s office campus, Universal Square is being brought to market by the Investment Properties team at CBRE Manchester, with offers sought in excess of £55 mln (€66 mln), equating to a 7.15% Net Initial Yield.
Sitting on a 6.5 acre site, Universal Square comprises 255,000 sq ft (23,700 m2) of high quality office accommodation across five inter-linked buildings, together with associated facilities including a gym, restaurant, meeting rooms and business centre with more than 830 car parking spaces.
The vendor, MCR Property, has transformed the building over recent years and has sustained an exceptionally high occupancy rate over the past 2 years. The property is now 98% occupied with key occupiers including Carfinance247, a £45 mln turnover business which is based in 38,000 sq ft; SoftCat, a £1 bn turnover company which occupies 28,000 sq ft and Global Banking School, a £10 mln turnover fast growing education provider which occupies 40,000 sq ft of space.
Colin Thomasson, executive director, Investment Properties, CBRE commented:
‘Universal Square offers excellent investment potential through its highly competitive rental position and strong performance, as well as great tenant retention - The campus has secured in excess of 135,000 sq ft of lease re-gears and lettings in the last two years alone which is testament to its attractiveness to occupiers. The value-add potential is significant and we look forward to entering into discussions with interested parties.’
