A 58,000 sq ft building containing offices and ground-floor shops within Manchester’s Spinningfields estate has been offered for sale this week.
BP Pension Fund has instructed niche Manchester investment agent Christopher Dee to market 4 Hardman Square. It is seeking £25m, reflecting a net initial yield of 6.15%.
It is understood that Christopher Dee will target institutional buyers both in the UK and overseas.
Tenants in the Foster & Partners-designed building include HSBC and accountant Grant Thornton. The scheme has an aggregate income of £1.6m pa.
Allied London developed 4 Hardman Square, which was completed in 2006. Aviva bought it that year in a deal worth £33m, reflecting a net initial yield of 4.75%. BP Pension Fund subsequently bought the building from Aviva in 2008 for £21m, reflecting a 7% yield.
daniel.cunningham@estatesgazette.com
