Record yield secured with sale of sportswear brand HQ

Manchester commercial real estate consultancy OBI has advised on the sale of a city centre property that achieved a record yield of sub five per cent.

Acting as joint selling agent with Carrick Real Estate, they achieved the investment sale of One Central Street.

OBI advised Kinrise on its purchase, and the team used its in-house expertise to secure Listed Building Consent and sympathetically restore One Central to its former glory, and then leased the building in its entirety to sports leisurewear brand Castore.

OBI said its unique approach to the restoration and transformation of the Grade II-listed former mill building, dating back to the late 1880’s, has repositioned one of Manchester’s most centrally located heritage buildings into a workspace fit for modern industry.

Scott Gemmell, transactions and asset at OBI, said: “It has been a privilege to represent Kinrise on the sale of this fantastic building.

“Securing a yield of sub five per cent is testament to the quality and location of this asset, which is insulated by an incredibly robust investment market.”

Andrew Cowell, transactions and asset, at OBI said: “The OBI Difference is our unique approach which combines all our skillsets.

“Our workplace consultants and interior designers have created an inspiring workspace that is sympathetic to the character of the building, and our building consultants applied their expertise, restoring another one of Manchester’s most iconic Grade II-listed buildings.

“This set the scene for our letting to Castore, who we secured on a new 13-year lease in June 2021.”

The building provides 26,000 sq ft of Grade A office accommodation situated in the heart of the city core, and now provides some of the best character workspace in the city for Castore’s flagship HQ.