Quorum adds to office portfolio

WILMSLOW property firm Quorum has bought three buildings for £5.5m.

It has acquired a 26,000 sq ft office building at Cheadle Royal Business Park in south Manchester from Railway Pension Nominees for £4.4m, reflecting a net initial yield of 8.45 %.

The three storey building, known as Lakeside 5500, is fully let to Agilent Technologies and Micron Europe who occupy 17,100 sq ft and 8,800 sq ft respectively.

Quorum has also acquired two adjacent buildings, Metro House and Chester House, in Dane Road, Sale form a private investor. It has paid £1.1m for the buildings which are 13,200 sq ft and 5,000 sq ft respectively.

Chester House is fully occupied by virtual reality firm Virtalis, while Metro House is home to a number of occupiers including Royal London (CIS), Heritage Friends Life and Positive Solutions.

Referring to the Cheadle deal, Paul Wardle, managing director of Quorum Investments comments: “This off market deal has formed an important part of our growing South Manchester portfolio, which we are seeking to expand.  Since acquiring the building we have regeared the lease with Agilent Technologies, which has been rebranded Keysite Technologies. The main tenant has therefore cemented their commitment to the building until 2022.”