Peninsula & Century, the property business backed by the Done bookmaking family, has sold a portfolio of Manchester city centre properties to a private Jersey family trust for £8m – a net intial yield of 6.6%.
The buildings, three office properties and a pub, are: Devonshire House, George Street; The Waterhouse, 67-71 Princess Street; Old Half Moon Chambers, Chapel Walks and 7 St John Street. Tenants include JD Weatherspoon, Ultralase and Baker Tilly.
King Sturge acted as lead agent on behalf of Peninsula & Century, with Dunlop Heywood and Drivers Jonas acting as subagents on Old Half Moon Chambers and Devonshire House respectively. Whitaker Horton acted for the purchaser. Myers Lister Price and Cobbetts acted on behalf of the vendors.
James Butterworth at King Sturge said: “We received a number of offers both on an individual and a portfolio basis. Our clients decided to proceed with a cash purchaser at a level in excess of our asking terms.
“The sale demonstrates that the investment market within the city continues to remain extremely strong despite the recent rises in interest rates.”
References: EGi News 09/09/04
