101 Princess Street sold for £8.1m

Standard Life Investments Property Income Trust has acquired 101 Princess Street, a Grade II- listed multi-let office building in Manchester city centre, for about £8.1m

The property has recently undergone an extensive contemporary refurbishment and extends to 40,000sq ft over seven storeys.

The property is fully let to occupiers including Magnetic North, Inspired Gaming and Accelerate Places.

Colliers International represented Standard Life. Metis Real Estate Advisors acted on behalf of the vendor – a group of private investors.

James Preston of Colliers International said: “The Princess Street corridor is a hot bed of creative companies and is becoming an increasingly sought after location by institutional investors.

“Significant levels of investment/development being undertaken within the immediate vicinity, inclSuding the proposed improvements to both nearby Piccadilly and Oxford Road Railway Stations have also proved attractive to the occupational market.”