EPIC UK has bought 1 The Avenue in Spinningfields, Manchester, from iM Properties for £20m – a 6.5% yield.
The 50,000 sq ft glass-clad building is fully let to tenants including Australasia, Armani, Pinsent Masons, Brewin Dolphin and Outsourcery.
Rehan Zaman of CBRE, which advised EPIC on the sale, said: “Since the beginning of the year, we have seen a real change in the CBD Manchester market with a significant increase in the number of investors – seeking to take advantage of the yield differential between Manchester and London – actively looking to acquire significant assets.
“Many of these investors are new entrants to the Manchester market, including a number from Asia and the Middle East.”
iM Properties put the building up for sale for £21m in May last year.
OBI Property and Bruce Gillingham Pollard advised the vendor.
samantha.mcclary@estatesgazette.com
