Helical has exchanged contracts to sell a 25,000 Manchester office block at 31 Booth Street to the Mayfair Capital-managed Property Income Trust for Charities fund, for £11.9m (£479 psf), reflecting a net initial yield of 5%.
The sale of the fully occupied building represented a 20.5% premium to book value according to Helical, and the capital “will be recycled into new opportunities.”
Savills advised Helical; CBRE represented Mayfair Capital.
