Property briefs: Prime offices on the market; Bardsley secures £7m contract; Trafford Park unit sold
TWO prime Manchester office blocks are on the market – HIMOR’s Ship Canal House and Chancery Place.
HIMOR has appointed WHR to handle the sale of the King Street block which has 72,500 of offices.
It is looking for offers of more than £25.5m, representing a net initial yield of 6%. The building is home to ccupiers such as Virgin Money Management, Liverpool Victoria, BNP Paribas and law firm Gateley.
Alanis Capital has hired JLL to sell Chancery Place in Brown Street and is understood to be seeking £50m-60m.
James Porteous, director, capital markets, JLL in Manchester, said: “Chancery Place is a landmark office, one of the best specified buildings outside London and of the highest quality. The building is multi-let to a strong tenant mix and is likely to be one of the best opportunities to hit the region’s market in 2014.”
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BARDSLEY Construction has secured a £7.9m contract to build a seven-storey block of 231 student apartments in Liverpool.
The firm based in Tameside, Greater Manchester, has secured the work on the The Edge scheme from Liverpool-based property developer X1 Developments.
Work on the site in Seymour Street has started and is due for completion in August 2015 in time for the student intake toe following September. Bardsley said overseas buyers have already acquired more than half of the apartments.
Procurement director Ged Rooney said: “Our ongoing partnership with X1 Developments goes from strength to strength as we continue to construct state-of-the-art properties throughout the North West of England with a particular emphasis on accommodating the region’s burgeoning student and professional population.”
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A private pension fund has sold Unit 2, Fourth Avenue, The Village, Trafford Park for £215,000 to Stocks Pension Fund.
The single-storey detached industrial unit with office accommodation has a total of 5,025 sq ft.
It was purchased by Stocks Discount Centre’s private pension fund for its own occupation and expansion.
Ben Fallows of TFC acted for the vendor, a private pension fund. He said: “There is a scarcity of modern detached freehold industrial units in Trafford Park, which was clearly demonstrated by the amount of interest in the property with two competing bids.”
Edwin Hill acted for the purchasers.
