European investment, asset management and development group Catalyst Capital in a joint venture with Close Brothers has bought a
The 36,000 sq ft former-warehouse, located at 30-34 Hounds Gate was sold by Altrincham-based Mutley Properties, and will be partly refurbished by the partners.
The passing rent is £329,025 pa and the purchase price represents a net initial yield of 6.64%.
Tenants include CGU International Insurance, HSBC Bank and financial and business adviser Grant Thornton on leases expiring 2010 and 2009.
Recently solicitors Browne Jacobson acquired the lease of the first floor from CGU International. It will expire in September 2009.
Guy Wilson, director of acquisitions at Catalyst Capital, said: “Catalyst Capital LLP are seeking further multi let office properties with asset management potential throughout the UK and are pleased to have completed the purchase in partnership with Close Brothers.”
Hartnell Taylor Cook represented Catalyst Capital LLP and Close Brothers; Fisher Hargreaves Proctor represented Mutley Properties.
