Cordea Savills has bought a 60,000 sq ft office block in central Manchester on behalf of Bishopsgate Long Term Property Unit Trust.
1 Portland Street, bought for £16.6m, is home to the Portuguese consulate, British Transport Police and Tesco.
The price reflects a net initial yield of 7%.
Cordea Savills portfolio manager Patrick Lowther said: “We are pleased to have acquired a high quality building in a very prominent location, which should be well placed to benefit as the Manchester market moves back towards growth. The acquisition complements the fund’s recent office investments in Leeds and Cardiff, where similarly well located and refurbished buildings have been acquired off comparatively low rental profiles.”
Knight Frank advised Cordea Savills.
chris.berkin@estatesgazette.com
