City centre block up for sale for £20m

Office and retail property One Portland Street in the centre of Manchester has been put up for sale for £20m by owner Legal & General Investment Management Real Assets.

The building, marketed by Savills, offers 59,201sq ft of accommodation and has a basement, ground and six upper floors.

Occupiers include Building Blocks, Gear4music, Tesco and Costa Coffee with a total net income of £1.32m a year. The guide price represents a net initial yield of 6%.

Neighbours include Bank of New York Mellon, Barclays, Transport for Greater Manchester and Bamboo.

Oliver Foster, investment director at Savills, said: “One Portland Street is strategically situated in the heart of the city centre, adjacent to the vibrant Northern Quarter and within walking distance of Manchester Piccadilly rail station.

“The property offers well configured and flexible floor plates with high quality office accommodation at a discount to prime grade A rents. With excellent reversionary prospects and a real growth story on the location, we anticipate high levels of market interest.”