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.
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.
