London-based property investment company Helical has acquired Fourways House in Manchester for £16.5m from a private individual.
The purchase price reflects a net initial yield of 5.3%.
Fourways House is located on Hilton Street in the city’s Northern Quarter. It comprises 59,000 sq ft and is let to 26 tenants, mainly from the technology, creative and fashion industries.
Will Parry, asset management executive at Helical, commented: “This transaction is further evidence of our belief that Manchester offers attractive opportunities for our skill set outside London. On an operational basis, it will also lend itself to providing flexible leases, thus enabling us to work alongside our tenants to provide a long-term home for their growing businesses.”
Helical was advised by CBRE.
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