Spinningfields block sold for £20m

LONDON-based property investor EPIC UK has bought 1 The Avenue in Spinningfields for £20m.

Tenants at the fully let 50,000 sq ft building include Armani, investment manager Brewin Dolphin, hosting firm Outsourcery and restaurant Australasia.

It has been sold by Lord Edmiston’s IM Properties, which is based in Coleshill, near Birmingham. It originally bought the block from developer Allied London in 2009-10 for £18.6m.

Agent CBRE acted for EPIC in the off market deal which is said to represent a net intitial yield of around 6.5%.

Rehan Zaman of CBRE said: “1 The Avenue is a modern Manchester icon with a striking design. Our client had very specific requirements as they wanted a high profile building that was best in class within a prime city centre location. We are pleased to have secured this off-market deal on EPIC’s behalf.”

He added: “Since the beginning of the year, we have seen a real change in the central Manchester market with a significant increase in the number of investors – seeking to take advantage of the yield differential between Manchester and London – actively looking to acquire significant assets. Many of these investors are new entrants to the Manchester market including a number from Asia and the Middle East.”

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