Triuva has instructed agents to sell a 50,000 sq ft office building in Manchester which is fully let to online insurance firm Esure.
CBRE has been appointed to seek offers in excess of £22.5m for the Meridian at 25 Quay Street in the city’s Spinningfields district. The price reflects a net initial yield of circa 5.25%.
The property has the opportunity for significant rental growth. Esure, which has 11.25 years remaining on its lease, is paying a rent of £24.50 per sq ft. However, nearby grade-A office buildings such as Allied London’s No 1 Spinningfields are achieving rents of around £32-35 per sq ft.
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