Co-op Group HQ brought to market again, with £45m sliced off previous asking price
The Co-op Group has dropped the asking price for its NOMA estate headquarters by £45m.
One Angel Square in Manchester has been brought to market by CBRE’s investment properties team with offers being sought in the region of £165m, which equates to a seven per cent net initial yield, for the landmark building.
This compares with a £210m asking price when the site was marketed a year ago.
Located on a 1.27 acre island site in Manchester’s prime commercial district NOMA, the 329,219 sq ft Grade A office building has strong ESG credentials including a BREEAM rating of Outstanding and EPC B.
The iconic building provides high quality accommodation over basement, lower ground, ground and 14 upper floors with best in class amenities and facilities, including an auditorium, restaurant, convenience store, coffee shop, fully fitted gym and fitness studio, as well as several roof terraces with views across the city skyline.
The state-of-the-art building offers flexible and divisible floorplates from around 3,000 sq ft to 29,000 sq ft.
Will Kennon, executive director, CBRE, who is leading the sale, said: “This headquarters office investment and landmark asset offers a highly attractive income profile with c15 years unexpired and indexed RPI based rent reviews, guaranteeing strong income performance during the remaining lease term.
“NOMA is one of Manchester’s most exciting ESG-focused business districts and One Angel Square commands a prime central position within the overall estate. The building itself offers strong ESG credentials including BREEAM Outstanding.
“The Co-operative Group has been headquartered in Manchester for more than 150 years and based within this HQ building since completion in 2013. We expect this unique opportunity will appeal to a wide global investor audience, secured by the strong covenant of The Co-operative Group and look forward to welcoming prospective parties to Manchester over the coming weeks.”
The 20 acre NOMA estate comprises 19 assets, the majority of which are now owned by Federated Hermes, a long-term investor with a vision to create a vibrant commercially-led, mixed-use neighbourhood. The next phase new build development, 4 Angel Square, has just reached practical completion, and has strong named occupier interest at present.
Situated between Angel Meadows, the city centre’s largest park and its main shopping and leisure destination – the Manchester Arndale Centre and Exchange Square – and two major transport hubs – Manchester Victoria Station and the Shudehill Transport Interchange – One Angel Square is next to Manchester Victoria railway station and is prominently situated in the heart of NOMA, bounded by Miller Street, Angel Street and Corporation Street.
