Acting on behalf of private clients, Metis has acquired the freehold interest in 101 Princess Street, an attractive mixed office and leisure investment at the heart of Manchester’s creative quarter, for approximately £5.6m.
The building extends to just short of 40,000 sq ft arranged over seven storeys and the income generated by the properties’ five tenants is very secure, offering an attrative WAULT of over 16 years. With rents averaging only £11.90 psf for one of Manchester’s fastest growing and vibrant office locations, prospects for rental growth are very good.
The sale included nearly 14,000 sq ft of vacant office space, most of which is already under offer at rentals over £16.50 psf.
Jonathan Mills of the investment team commented “At only £150 psf in a real growth area of the city, we are delighted to have secured this property for key clients of the business.”