Meadowhall developer and arch euro-sceptic Paul Sykes has acquired 101 Barbirolli Square, Manchester, from Hermes for £25m.
Sykes’ company, Highstone Estates, acquired the property after a direct approach to Hermes. The yield is 6.75%.
The 7,900 sq m (85,000 sq ft) building is occupied by law firm DLA and accountant PricewaterhouseCoopers.
The acquisition follows Sykes’ recent purchase of the Victoria Quarter, Leeds.
Andrew Hawkins at Jones Lang LaSalle, who advised Highstone, said: “Our client has been seeking trophy property assets, not least because property returns are good compared to equities or gilts.
“This is probably the best office building in the north of England.”
Simon Merry, partner at King Sturge, who acted for Hermes, said: “We received an approach from Highstone which we accepted.”
Hawkins advised Hermes on its acquisition last year of P&O Properties Towers business park, Didsbury.
EGi News 24/09/01
