Patrizia has appointed CBRE and King Street Commercial to market the 95,000 sq ft Peter House in Manchester for in excess of £44m – a 5.25% yield.
Facing St Peter’s Square, the recently refurbished 10-storey office is fully let, with Regus’s Spaces occupying 85,653 sq ft on a 15-year lease it signed at the start of 2018.
Other tenants include Ask Ventures, Giorgio One, Papa John’s and Terence Paul.
If sold, the building will be the largest office investment deal to complete in Manchester this year, ahead of The Zenith Building, which sold to Bet365 in June for £31.45m.
Only four prime office deals have completed in Manchester this year after a busy 2017, which saw a raft of deals, including Schroders Real Estate acquiring No 1 Spinningfields for £208m.
Rockspring Property Investment Managers, which was taken over by Patrizia last year, bought Peter House from Mayer Real Estate in 2014 for £23.7m at a yield close to 6% and has since refurbished the space.
Patrizia declined to comment.
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