Henderson Global Investors has bought the Zenith office building in central Manchester for around £25m, in a deal reflecting a net initial yield of circa 7%.
Henderson bought the 66,000 sq ft building from a private investor.
The multi-let building was originally completed in 1968 and was formerly known as The Post Office Building before its grade A redevelopment, which completed in 2007. It is located on Spring Gardens in Manchester city centre and contains tenants including Cushman & Wakefield and consultant Zolfo Cooper.
The deal is Manchester’s largest investment transaction of 2011 to date. In January, HIMOR Group bought the 72,000 sq ft Ship Canal House office building from for Catalyst Capital for £22.9m at a 6.7% yield.
Knight Frank acted for Henderson Global Investors.
daniel.cunningham@estatesgazette.com
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