Linder Myers to consolidate after £11.6m office sale
LAW firm Linder Myers is to consolidate its four Manchester offices at 55 Spring Gardens after conducting a sale and leaseback deal on the site with CBRE Global Investors.
The firm bought the 47,580 sq ft building in 2011 for £8.5m and has sold for £11.6m, a net initial yield of 7.8%.
None of its staff have yet worked at the site, instead they are spread across two offices in Cross Street, one in York Street and one at 19 Spring Gardens. All these offices are leased.
Linder Myers will move its 200 Manchester staff to 55 Spring Gardens next year after a £3.3m refurbishment having agreed a 25-year lease on the building. Tenants, whose leases have expired at the building, include CBRE, Friends Provident and Brook Street.
Bernard Seymour, Linder Myers’ managing partner, said: “This is a pleasing development as we move forward with our plans to provide a first class office environment to reflect our recent growth and the quality of services provided to both private and commercial clients.
“The profit secured on the sale of 55 Spring Gardens will be reinvested into the business and reflects our continued growth strategy.”
Rob Trevor senior director at CBRE Global Investors said: “We are pleased to have secured this prime asset in Manchester’s central core which is to undergo a comprehensive and high quality refurbishment. We are looking forward to working with Linder Myers over the next few months during the refurbishment.”
WHR and Berkeley Brown acted on behalf of Linder Myers. The firm originally bought the building from Hermes Real Estate Investment Managers (HREIM), which held the property on behalf of BT’s pension scheme.
