Rockspring Property Investment Managers has acquired the Chancery, an office building in Manchester, for £16 mln (€21 mln), reflecting a net initial yield of 6%, from clients of Aberdeen Asset Management.
Rockspring Property Investment Managers has acquired the Chancery, an office building in Manchester, for £16 mln (€21 mln), reflecting a net initial yield of 6%, from clients of Aberdeen Asset Management.
Located in Manchester’s central business district, the building provides 51,380 sq ft (4,775 m2) of office space over eight floors, with tenants including Clydesdale Bank, financial advisor Duff & Phelps and Willis Group, the global insurance broker. It was originally constructed in the mid to late nineteenth century.
'The acquisition of this value-add asset presents a fantastic opportunity to implement a series of asset management initiatives, including investment into the building’s fabric, mechanical infrastructure and an extensive refurbishment programme, which will in turn deliver Grade A office space into an undersupplied market,' commented John Kehoe, assistant director at Rockspring.
Rockspring was represented by Knight Frank and Cushman and Wakefield acted for the vendor.
