5th Avenue building changes hands

THE Manchester city centre building that houses indie nightclub 5th Avenue has been sold for around £2.5m.

5th Avenue and SBS Architects are the only tenants in the 42,500 sq ft seven-storey block on Princess Street, close to Whitworth Street. They generate an annual income of £100,000.

Agent OBI said it had been sold by an investor based in Gibraltar to an unnamed buyer off a guide price of £2.5m.

OBI investment director Gary Scorah said: “There was strong interest in the property which offers the opportunity of a full refurbishment for offices or alternatively a possible change of use.

“The upper floors were mostly vacant and dilapidated, but the building has retained a number of interesting features from its former life as a traditional Manchester warehouse.”

Roger Hannah and Co also worked on the sale.