Picton buys in Manchester
Picton has bought a 71,000 sq ft office building in Salford Quays, Greater Manchester from BAM Properties, for £17.6m – a net initial yield of 6.2%. The property, known as Metro on Trafford Road, is close to the BBC’s home at Media City. Mason Phillips acted for Picton; JLL represented BAM Properties.
Frasers buys Central House
Frasers Property UK has bought Central House in Aldgate, E1, from London Metropolitan University for around £50m. London Metropolitan University has leased back the site, which may ultimately be redeveloped by Frasers. Cushman & Wakefield advised LMU.
Deutsche Bank unloads Vault
Deutsche Bank has sold a 600,000 sq ft logistics centre in Liverpool International Business Park. The Vault, which comprises two buildings, was sold for £48m, a 5.3% yield, to European fund Hansainvest. The units are both let to homeware retailer B&M on a 15-year lease. Savills acted for Deutsche Bank; Hansainvest was unrepresented.
Kames shops on high street
Kames Capital, on behalf of the Aegon UK Property Fund, has acquired 68-71 High Street, Chelmsford, Essex, from M&G for £8.5m, a net initial yield of 5%. The multi-let retail parade is 100% let. KLM acted for Kames; JLL represented M&G.
Portman buys Wickes shed
Dutch firm IBUS has sold the freehold of a Wickes retail warehouse on Western Road in Bracknell, Berkshire, to the Portman Estate for £14m – a 5.7% yield. The 40,205 sq ft property is let to Wickes Building Supplies on a lease expiring in March 2029 at an annual rent of £904,545. Green & Partners advised IBUS; JLL represented the Portman Estate.
