LaSalle Investment Management has bought a freehold mixed-use building in central Manchester from David Samuel Properties for £16.2m – a net initial yield of 6.6%.
Maybrook House, 48-58 Deansgate covers 68,556 sq ft and is let to nine tenants, with 6,813 sq ft vacant.
The rents in the building range from £14-£16.50 per square foot on the leisure and office space and £85-£95 per square foot zone A on the retail units.
LIM asset manager Katie Hynard said: “Maybrook House is an attractive value-add opportunity with significant asset management potential. While it is an income producing asset, it could be redeveloped in the medium term, given its strategic location, to deliver more office space or alternative uses. The Manchester office market has continued to perform well in 2015 with demand remaining strong for good quality secondary space.”
LaSalle was advised by Deloitte Real Estate; David Samuel Properties was advised by GVA.
chris.berkin@estatesgazette.com
