Scottish Widows Investment Partnership is in advanced negotiations to buy the 84,000 sq ft 101 Barbirolli Square building in central Manchester from Hermes Property Unit Trust for around £30m.
The deal would reflect a net initial yield of just below 7%.
Located close to Manchester’s Bridgewater Hall concert venue, 101 Barbirolli Square was built in 1996 by Amec Developments, now Muse. Hermes bought it in 2006 from Highstone Estates for £42m.
PwC occupies 52,000 sq ft within the building and law firm DLA Piper Rudnick Gray Carey occupies 32,000 sq ft.
Jones Lang LaSalle is acting for SWIP; WHR Property Consultants is acting for Hermes
daniel.cunningham@estatesgazette.com
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