UK farmers' insurer NFU Mutual has acquired the Chancery Place office development in the UK city of Manchester for £57 mln (€71 mln), or a net initial yield of 5.05%.
UK farmers' insurer NFU Mutual has acquired the Chancery Place office development in the UK city of Manchester for £57 mln (€71 mln), or a net initial yield of 5.05%.
The 15-storey glass tower was developed in 2008 and sits on an island site within the upper King Street conservation area and fronting on to Brown Street.
CBRE and Wragge Lawrence Graham represented NFU Mutual with JLL and Jones Day acting for the vendor, Irish developer Blue Cube.
Will Kennon, director of capital markets at CBRE Manchester, said that Chancery Place represents 'the first evidence of a super prime asset being traded in the current investment cycle'.
'There is opportunity to draw upon the rental growth being evidenced across the Manchester occupational market,' he said.
