Investment manager Orchard Street has set a new record yield for the Manchester office market this cycle with a 4.95% Spinningfields purchase.
Orchard Street has bought GLL Real Estate Partners’ 4 Hardman Square for £31m, beating the previous yield record since the recession.
NFU Mutual bought Chancery Place for £57m in September, setting the bar with a 5.05% yield.
GLL’s 54,300 sq ft building is let to HSBC and Grant Thornton.
CBRE acted for GLL, DTZ acted for Orchard Street.
