Quay Street building bought by regeneration firm
Regeneration specialist Capital&Centric has acquired a 22,000sq ft office building in Manchester city centre in an off-market deal from a private individual, reflecting a net initial yield of 5.75%.
The building, number 15 Quay Street, is partially let to Jelf Insurance and Uniregistry, a web services provider. Only one floor of 3,949 sq ft remains vacant.
Tim Heatley of Capital&Centric said: “As a regeneration focused developer this isn’t the sort of opportunity that you’d usually associate with Capital&Centric but we can apply our skill set in diverse investment and development scenarios plus we are always looking for opportunities to expand our portfolio.
“By pro-actively managing the building through a number of initiatives, we are confident that we will further enhance the offering at 15 Quay Street.”
Commercial Properties Ltd acted on behalf of Capital&Centric.
Goodall Investments acted on behalf of the private investor.