Pall Mall Court for sale with £18m price tag
PALL Mall Court in Manchester’s King Street is the city’s latest office block to be put up for sale.
The 85,500 sq ft building was designed by architects Lionel Brett & Pollen in 1969 and has a grade II listing.
It is owned by the stock market listed UK Commercial Property Trust and managed by Ignis which is asking for at least £18.2m.
The building has four occupiers, including law firm Weightmans and commercial property consultant Rapleys, on long term leases. Ignis said a deal at the asking price would represent an initial yield of 7.5%.
JLL director James Porteous, who is marketing the building, said: “Pall Mall Court’s position on King Street and its flexible floor plates are likely to very attractive in the current market, with many UK and overseas investors turning their attention towards Manchester. Given the level of interest Chancery Place received before its sale in September, reflecting the high demand for good investment opportunities in Manchester, we expect that Pall Mall Court is likely to be well received.”
In recent weeks Dublin-based Ardstone Capital paid £26m for Ship Canal House, also in King Street, and NFU Mutual paid £57m for Chancery Place, Brown Street.
