Spinningfields block sold for £18.6m
THE developer behind the Spinningfields district of central Manchester has sold a block close to Deansgate for £18.6m.
Allied London has completed the disposal of No 1 The Avenue to Warwick-based IM Properties. The deal reflects a net initial yield of 6%.
It follows the developer’s sale of the 350,000 sq ft 3 Hardman Square at Spinningfields to European fund manager Ærium, for £183.5m.
The 41,000 sq ft Avenue building includes an 8,000 sq ft ground floor retail store which has been let to Armani on a 16-year lease. The upper floors have 26,500 sq ft of new Grade A office accommodation. Allied London was advised by Jones Lang LaSalle.
It was announced yesterday that retailers DKNY, Oliver Sweeney, Mulberry, Flannels, LK Bennett, All Saints and Brooks Brothers plan to open in the block before Christmas. Hairdressing salon Nicky Clarke and jeweller Phillip Stoner have also taken space.
Bar and restaurant chain Living Ventures will be opening The Alchemist, a cocktail bar with a 50-cover restaurant together with a brasserie, which will be finished in February 2011.
