Friday, September 08, 2023
A&A; Investments purchase Manchester's Express Building for £20.5m
A&A; Investments has purchased the Express Building in Manchester for £20.5m, producing a net initial yield of 6%. The vendor was a joint venture between Stockbourne and Cargill Value Investment.
The Express Building is iconic within Manchester, having been built in the 1930s for Express Newspapers as a copy of their London Headquarters. Refurbished in 1995, the imposing grade II listed building provides approximately 76,000 sq ft (7,060 sq m) of high specification offices and has been described by Sir Norman Foster as one of his top five favourite buildings in the world. Current rents total £1,311,431.
David Hammond, Partner at Allsop comments "The purchase provides our client with a platform to increase their exposure to offices in Central Manchester and reflects their confidence in continuing rental growth in the centre."
Allsop acted on behalf of A&A; Investments, GVA Grimley represented Stockbourne and Cargill Value Investment.
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The Express Building is iconic within Manchester, having been built in the 1930s for Express Newspapers as a copy of their London Headquarters. Refurbished in 1995, the imposing grade II listed building provides approximately 76,000 sq ft (7,060 sq m) of high specification offices and has been described by Sir Norman Foster as one of his top five favourite buildings in the world. Current rents total £1,311,431.
David Hammond, Partner at Allsop comments "The purchase provides our client with a platform to increase their exposure to offices in Central Manchester and reflects their confidence in continuing rental growth in the centre."
Allsop acted on behalf of A&A; Investments, GVA Grimley represented Stockbourne and Cargill Value Investment.
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The new Property Executive business directory has just been launched. To add a free listing for your company click here.
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