CBRE Global Investors has exchanged contracts to buy a £26m slice of restaurant and retail space at Allied London’s Spinningfields estate in Manchester.
The portfolio of four prime shops and restaurants was being marketed by Coady Supple at a price reflecting a blended net initial yield of 6.2%. They include Magistrates Courthouse – The Avenue, 3 and 4 Hardman Square, and Left Bank.
The portfolio is held on a long leasehold and produces a net income of £1.6m pa. The average unexpired lease term is more than 12 years.
Tenants include Flannels, Nicky Clarke, Fazenda, Mulberry, Strada, Café Rouge, Ask, Carluccio’s and Giraffe.
chris.berkin@estatesgazette.com
