Jewel House commercial space sold

COMMERCIAL space at Jewel House in Manchester’s Northern quarter has been sold by Real Estate Investment Partnerships on a passing rent of £165,000 at a yield of 8% to a private investor.

Real Estate bought the property in 2012 and the building features two restaurant/bars and is in a prime Northern Quarter location in the city centre.

Jewel House is a Grade II listed building, originally built as a merchant’s warehouse.

Real Estate has carried out renovation works to the exterior of the building to bring it back to its former glory and is currently selling 14 luxury apartments located in the building.

Steve Slater of Real Investment Partnerships said: “Locations like Jewel House will always be popular and Real Estate saw this property as a great investment.

“The large commercial space on the ground floor gives tenants a great opportunity and we continue to look for similar properties for our portfolio.

“We are very pleased with the deal and consider the investment to be of a high quality in what is Manchester’s up and coming area. Generally, mixed use developments fuel the growth of the local area-both economically and socially and we look forward to working on more projects similar to Jewel House.”

Metis Real Estate acted for Hardy Mills and WHR acted for the purchaser.