Legal & General Investment Management Real Assets has instructed agents to sell One Portland Street in Manchester for more than £20m – a net initial yield of 6%.
Savills has been appointed to sell the building (pictured), which comprises 59,201 sq ft of offices and shops over eight floors. Occupiers include Building Blocks, Gear4music, Tesco and Costa Coffee and the building generates net income of £1.3m pa.
Oliver Foster, investment director at Savills, said: “One Portland Street is in the heart of the city centre, adjacent to the Northern Quarter and within walking distance of Manchester Piccadilly rail station.
“The property offers well configured and flexible floorplates with high-quality office accommodation at a discount to prime Grade A rents. With excellent reversionary prospects and a growth story on the location, we anticipate high levels of market interest.”
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