MEPC has sold the freehold of St James’s Court, Brown Street, in Manchester, to BBC Pension Fund for £8,250,000. The deal reflects a 7.4% net initial yield.
The 3,555 sq m (38,250 sq ft) offices are let on a new 25 year lease to Halliwell Landau Solicitors at £628,000 pa. There are five yearly upward only rent reviews and a tenant’s break option in the 16th year.
Knight Frank acted for the purchaser. Lambert Smith Hampton and Savills advised MEPC.
EGi News 18/03/97
