Aberdeen Asset Management has sold the Chancery in Manchester to Rockspring Property Investors for £16m – an initial yield of 6%.
Rockspring purchased the 51,380 sq ft office in Manchester’s central business district on behalf of a separate-account mandate.
Tenants in the building include Clydesdale Bank, insurer the Willis Group and financial adviser Duff & Phelps.
John Kehoe, assistant director at Rockspring, said: “The acquisition of this value-add asset presents a fantastic opportunity to implement a series of asset management initiatives, including investment into the building’s fabric, mechanical infrastructure and an extensive refurbishment programme, which will in turn deliver grade-A office space into an undersupplied market. The acquisition of the Chancery underpins our belief in the underlying fundamentals and growth prospects of the Manchester office market.”
Rockspring was represented by Knight Frank and Cushman and Wakefield acted for the vendor.
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