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Prime Manchester Office Investment Opportunity
- Grade A, BREEAM “excellent” office building within the exciting and vibrant mixed-use First Street district of Manchester City Centre.
- Manchester is the UK’s second city and is the largest financial and business centre outside London.
- Manchester is a tightly constrained major office market with New Grade A vacancy rate of only 2.9% and over 1.25 million ft² of named requirements.
- The property is multi-let to a high quality tenant line-up including Jacobs, Ford (FCE Bank), and Auto Trader.
- The building provides rare large floorplates around a striking atrium. Each floor provides circa 25,500 ft² of efficient open plan office space, designed with flexibility which ideally suits the local occupational market.
- Average unexpired Lease Term of circa 4.4 years to expiry, 3.5 years to tenant’s break options.
- The current passing income is £4,485,619 per annum & reflects a low average rent of only £25.64 per ft². A discount of 34% compared to £38.50 per ft² achieved in nearby buildings.
- Excellent asset management opportunity to increase rents and put the building on a Net Zero Carbon (NZC) pathway.
- Low capital value of only £406 per ft² compared to over £800 per ft² evidenced in the city.