The Royal Bank of Scotland has sold 1 Norfolk Street, Manchester, to a private trust for £6.4m, reflecting a net initial yield of 7.36%
The 2,480 sq m (26,730 sq ft) office building is let to Arthur Andersen at £497,945 pa, equating to £201 per sq m (£18.60 per sq ft), on a lease with 17 years remaining.
According to Richard Ellis St Quintin, which advised the RBoSc, strong interest was shown, especially from Irish investors.
Peter Lea & Co advised the purchaser.
Meanwhile, the Manchester office of RESTQ has combined its operation and relocated from 73 Mosely Street, taking an extra 371.6 sq m (4,000 sq ft) of space at Spring Gardens.
EGi 24/11/99
