Trinity Court sold for £12.9m
Property investment and development company Helical bought Trinity Court in Manchester city centre for £12.9m from Ireland-based Ardstone Capital.
The acquisition, reflecting a net yield of 9.25% is now the fourth building in London-headquartered Helical’s Manchester portfolio as it looks to boost the quantity Grade A office space in the city centre, currently known to be in short supply.
The 47,500sq ft Trinity Court is on John Dalton Street near Spinningfields and has seven floors. It was originally developed in 1992 behind a 19th century façade.
The office space is currently 100% let to Squire Patton Boggs, with one year remaining on the lease.
Following the tenant’s vacation, Helical will undertake a significant refurbishment and extension programme to deliver institutional quality modern office space, to meet the growing demand in central Manchester by an increasingly diverse mix of occupiers.
The building also includes two small retail units, totalling 4,000sq ft, let until 2018, and Helical will undertake some small refurbishment work which will deliver attractive annual rental uplift on completion.
Will Parry, asset management executive at Helical, said: “This off-market transaction further complements our existing portfolio in Manchester, where occupier demand for well-located, good-quality assets in the centre remains strong.
“The supply of Grade-A space is currently near an all-time low and there is a limited development pipeline, so Trinity Square represents an exciting proposition for us.
“Capitalising on these positive market dynamics, the asset is in an area that is undergoing significant transformation and offers attractive reversionary potential following the capital expenditure programme, as rents in the area start to reflect the quality of local occupiers.”
Helical was advised by Commercial Properties.
