BAM Properties has sold an office building at St Peter’s Square, Stockport, Greater Manchester, to a South African investor for £12.4m – a 7% net initial yield.
The Wellington Road building comprises 50,000 sq ft of offices, 95% of which is let to Sky. Its lease extends to March 2025 with RPI-linked rent reviews.
A 2,697 sq ft ground floor shop unit is available.
BAM development director Paul Smith said: “It is another example of overseas investors acquiring high-quality real estate in the North West.
“Buyers are attracted by the rental growth prospects offered by the imbalance between supply and demand and the perceived economic benefits of initiatives such as the northern powerhouse.”
The deal follows the sale of BAM’s 71,000 sq ft Metro Office in Salford Quays to Picton for £17.6m in February.
Smith said BAM was now looking for “new development opportunities” in the north of England.
JLL acted for BAM; Lindley Mortimer represented the purchaser.
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