Royal Insurance Asset Management has purchased the 14,450-sq ft Hanover House in Charlotte Street, Manchester, for its RIGPS properties fund in a deal representing an initial yield of 9.5%. The seven-storey property was completed in 1984 and was sold by RHM Pension Investment Fund for £2.035m. It is currently occupied by six tenants producing an income of £198,000 pa.
St Quintin advised Royal Life, while Richard Ellis incorporating Hepper Robinson acted for the vendor.
