Birmingham team to sell £40.5m residential portfolio
CBRE’s UK residential capital markets team in Birmingham has won the mandate to sell a portfolio of rental apartments in Manchester for more than £40m.
The portfolio comprises 163 apartments across four schemes. Three are in the city centre, including the Grade II listed Basil House, Portland Street; Salisbury House, Granby Row, and 51 King Street. The fourth, 341 Great Western Street, is in Rusholme. The apartments have a current occupancy level of 99% and are already 90% let for the 2024/2025 period.
A ground floor retail unit at King Street is let to an outdoor clothing company Patagonia on a long lease.
The residential and the commercial space offer a combined potential income of close to £3m a year.
Hannah Badger, a director in CBRE’s residential capital markets team in Birmingham, said: “Manchester has one of the more mature private rental markets, but there is a chronic undersupply of rental homes in the city. Consequently, properties in this portfolio have achieved an average rental uplift of close to 15% for 2024/25. This sale is a great opportunity to acquire four stabilised assets with a guaranteed income.”
Offers in excess of £40.5m are sought.
