Jewel House sold for £1.8m
MANCHESTER Northern Quarter property Jewel House has been sold for £1.81m by Hardy Mill Properties and Real Estate Investment Partnerships.
The Grade II-listed building on the corner of High Street and Thomas Street was originally build as a merchant’s warehouse and was acquired in 2012 by Real Easte which carried out renovation work.
The selling price represents a gross yield of 7.35% based on rent passing of 13 out of flats being let. Gross yield based on ERV is 7.85%.
Real Estate chief exectuive Damian Flood said: “We are extremely pleased to have sold both the commercial and residential elements of Jewel House.
“We saw great potential when we acquired this scheme, with the location and space on offer as huge selling points to future tenants. We are now on the hunt for similar opportunities in the heart of Manchester city centre.”
Allsop LLP advised Real Estate Investments throughout the sale.
