MCR Property has put up for sale its 255,000 sq ft office campus in Manchester, known as Universal Square.
Sitting on a 6.5-acre site, the five interlinked buildings are expected to be sold for more than £54.7m, equating to a 7.15% net initial yield.
Over recent years, MCR has transformed the building to bring in more facilities, including a gym, restaurant, meeting rooms and business centre with more than 830 car parking spaces. The property is now 98% occupied, with key tenants including CarFinance 247, Softcat and Global Banking School.
The development was brought to the market by the investment properties team at CBRE Manchester.
Colin Thomasson, executive director of investment properties at CBRE, said: “Universal Square offers excellent investment potential through its highly competitive rental position and strong performance, as well as great tenant retention. The campus has secured in excess of 135,000 sq ft of lease re-gears and lettings in the past two years alone, which is testament to its attractiveness to occupiers.”
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