Allied London has put a slice of Manchester’s Spinningfields estate on the market.
The group is selling four prime retail and restaurant blocks for £26m – a 6.2% blended net initial yield.
Magistrates Courthouse – The Avenue, 3 and 4 Hardman Square and Left Bank are held on long leaseholds and produce a net income of £1.6m pa. The portfolio has an average unexpired lease term of more than 12 years.
The blocks, which could be sold individually or as a portfolio, are let to tenants including Flannels, Nicky Clarke, Fazenda, Mulberry, Strada, Café Rouge, Ask, Carluccio’s and Giraffe.
The opportunity is likely to appeal to institutional investors attracted to the buoyant leisure sector.
Robin Coady, partner at Coady Supple, which is acting for Allied, said: “The turnovers of the restaurants are some of the highest outside London. The estate is a who’s who of corporate occupiers.”
He added: “With the development of Quay House and the Cotton Building, there will be 25,000 workers on the doorstep and on-site events will generate footfall of more than 5.5m.”
Annabel.Dixon@estatesgazette.com
