York St building attracts £2.6m price tag

A PROMINENT former bank building on York St in Manchester has been put up for sale for £2.6m.

1-3 York St, which currently houses the Browns Brasserie bar & restaurant plus three floors of office space above, is being sold by GVA. It also has parking for up to 10 cars.

The historic Grade II-listed building sits on the corner of York St and Spring Gardens within the city’s former central business district. It was designed by architect Charles Heathcote and was built in 1902 as offices for the now-defunct Parrs Bank.

It currently produces income of £244,989 a year – £135,000 of which comes from the restaurant letting with the remainder coming from office tenant Linder Myers above. Its licence is set to expire in March next year, though, and the firm has recently bought its own new HQ at 55 Spring Gardens.

The asking price represents a net initial yield of 8.9%, and there is an opportunity to redevelop the office space above the restaurant once the current agreement expires.