Manchester’s House of Fraser building up for sale

House of Fraser's Deansgate store

THE House of Fraser building in Manchester city centre has been put up for sale with a guide price of £84.5m.

A private investor has brought to market the Grade II listed building let to House of Fraser, with the price reflecting a net initial yield of 5.07%.

The department store totals 387,595 sq ft on a 1.64-acre site fronting on to Deansgate and is let to the retailer on a lease with 33 years unexpired at an annual rent of £4.36m.  

It has long been a part of Manchester’s history and comprises two separate buildings linked via basement and footbridges, the larger of which dates back to the 1930s.

Oliver Foster, investment director at Savills, which is marketing the property, said: “This is a rare opportunity to acquire a prime landmark department store investment in Manchester which, as a city, is recognised on a global scale for its retail offer.  

“We expect the long unexpired lease term to House of Fraser and attractive yield to generate high levels of interest among investors based in both the UK and overseas.”

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