Sunlight House changes hands in £34.5m deal
SCOTTISH Widows Investment Partners has paid £34.5m for Sunlight House on Manchester’s Quay Street.
The deal has been completed by SWIP’s Property Trust which acquired the 214,000 sq ft block from Aviva Investors.
It said the transaction represented an initial yield of 6.3%.
Tenants include advertising company BJL, Swedish banking group Handelsbanken and worldwide car hire broker Travel Jigsaw.
Deputy fund manager Kerri Hunter said: “We really like this property as it’s a striking building, in a great location, with large open plan flexible floorplates. Not only is it on the doorstep of Spinningfields, there are a number of developments and refurbishments planned for the street so the immediate location is set to improve further in the short term.
“With average rents in the low teens, we believe the building is currently punching well below its weight and, particularly given the tight supply of good quality space, has great income growth potential.”
Sunlight House was owned by Aviva’s APIA Regional Office Fund which had previously stated its intention to sell the building and seven other regional properties by 2015.
Griffiths Eccles and CMS Cameron McKenna acted for SWIP and Joiner Cummings acted for Aviva.
