German investor Deka has bought a grade A office building in Manchester’s city core for around £45m, reflecting a sub-6% net initial yield.
Deka has bought the 103,000 sq ft Belvedere building, located on the corner of Booth Street and Cooper Street, from Orchard Street Investment Management in an off-market deal.
Belvedere, which was developed in 2008, houses tenants including CBRE, which acted for Deka in the deal, Savills and insurance brokerage firm Marsh.
The scheme’s developer, Wilson Bowden, sold Belvedere to Orchard Street prior to completion in November 2007.
Orchard Street was unrepresented in the deal.
daniel.cunningham@estatesgazette.com
