Landmark city centre building on market for £12.5m

THE landmark Equitable Building on St Ann’s Square in Manchester – the former home of Habitat – has been put up for sale for £12.5m.

Real estate firm Cushman & Wakefield has been appointed as sole agents on the 28,516sq ft building. If succeesful, the sale price would equate to a net initial yield of about 5.42%.

The building comprises 9,058sq ft of retail space at ground floor and is let to Signet Trading Ltd – the world’s largest retailer of diamond jewellery – trading as Ernest Jones, in addition to David M Robinson and 3 Mobile.

Investment managers Draco and Davy bought the building in 2013.

The upper three floors, which total 19,458 sq ft, have previously been used as retail accommodation but could potentially be adapted for residential, office or hotel use.

Matt Stretton, partner at Cushman & Wakefield, said: “This is a unique investment opportunity to acquire a landmark building prominently situated in the heart of Manchester city centre’s retail and business district.”