Chancery Place Sale demonstrates Demand for Exposure to Regional Office Markets

Posted on 4 September, 2014 by Neil Bird

Manchester’s Chancery Place office building has been sold to NFU Mutual in a deal worth close to £60m.

The 15-storey city centre tower, in the Upper King Street Conservation Area, was designed by award-winning HKR Architects and was completed in 2008. It provides 106,000 sq ft of contemporary office space, and is home to tenants including Clearwater Finance, QBE Management Services and HSB Engineering.

Chancery-Place-Sale-demonstrates-Demand-for-Exposure-to-Regional-Office-Markets

The property was sold by Alanis Capital for a reported £57 million, representing an initial yield of 5.05 per cent. CBRE acted on behalf of NFU Mutual, along with Wragge Lawrence Graham, while JLL and Jones Day represented Alanis.

Will Kenyon, of CBRE Manchester, said; “The building is a stunning trophy asset providing best in class office accommodation within Manchester’s historic core business district, providing an exemplary tenancy line up.

“There is opportunity to draw upon the rental growth being evidenced across the Manchester occupational market and we are delighted to have secured the acquisition on behalf of NFU Mutual.”

James Porteous, of JLL Manchester, described the building as ‘outstanding’ and revealed that it had attracted considerable interest from both domestic and overseas investors.

“We are delighted with the outcome of this sale which demonstrates the demand for exposure to the regional office markets and Manchester in particular,” he said.




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme