TH Real Estate has instructed Knight Frank to sell the Zenith office building in Manchester city centre for £28m – a net initial yield of 6%.
The 74,207 sq ft block is let to 10 tenants including Cushman & Wakefield, AEW Architects, Lexington and Palatine Private Equity.
The average rent is £23.50 per sq ft and the building, which was built in 1968 and was known as the Post Office Building before its grade-A redevelopment in 2007, generates an income of £1.8m pa.
TH Real Estate bought the building from a private investor in 2011 for around £25m – a net initial yield of around 7%.
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