Helical has exchanged contracts on the sale of the Powerhouse Portfolio to funds managed by Pictet Alternative Advisors and XLM Property for £119m.
The sale of the three Grade II listed office assets reflects a net initial yield of 5.2% and blended capital values of £329 per sq ft across 362,125 sq ft.
The portfolio includes the Tootal Buildings (pictured), spanning 245,907 sq ft, with a headline rent roll of £4.7m.
A second Grade II listed property at 35 Dale Street provides 49,130 sq ft of office with 7,079 sq ft of F&B and headline rents of £1m.
The former warehouse at Fourways has 48,402 sq ft of office, 11,607 sq ft of F&B and is 73% let with a headline rent of £1m.
Charlie Baigler, head of acquisitions, real estate, at Pictet Alternative Advisors, said: “The Manchester office market has proven to be extremely resilient, with excellent supply and demand fundamentals.
“Manchester is attracting and retaining talented young professionals, the city is now the largest tech hub in the UK outside of London and is proving to be a significant beneficiary of ‘northshoring’.”
Helical plc was advised jointly by TT&G Partners and CBRE. Pictet Alternative Advisors was advised by Acre Capital Real Estate.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
