Circus site sold for over £20m
THE Circus development in Manchester city centre has changed hands in a deal worth £20.1m.
The site, which is at the junction between Portland St and Oxford Street, contains a number of large leisure units including a 228-bed Premier Inn hotel, two large bar/restaurant units operated by JD Wetherspoon and the Barracuda Pub Company, a Boots outlet and a Circus Casino owned by Genting Group.
The property was sold by Jones Lang LaSalle and Cortex on behalf of clients of LaSalle Investment Management to Circus Invest. The price paid reflects a net initial yield of 6.19%.
The property was developed in 2001 and produces a total income of over £1.3m a year.
Blandford Goldsmith represented the purchaser.
