Tue, 17 May 2022 | COMMERCIAL PROPERTY
The UK headquarters of German multinational industrial manufacturing conglomerate Siemens has been put up for sale, with offers of £8.85 million being sought for the site. The sale would be initially structured as a sale and leaseback, with Siemens set to remain in the property for “an initial” three years.
The site, Sir William Siemens House, is located on Princess Road, Manchester, with the wider campus forming part of the Didsbury Technology Park, a joint venture between Siemens, Manchester City Council, PJ Livesey and Bruntwood.
Sir William Siemens House is an 88,700 sq ft building located on the seven-acre campus, for which Siemens owns the freehold. The Art deco-style building was erected in 1990 as Siemens’ flagship UK office, before being designated as Siemens GB&I HQ for operations in 2019.
The sale is being handled by CBRE, with the asking price of £8.85 million reflecting a net initial yield of 9 per cent. CBRE has said that, once Siemens has vacated the property, the buyer will have the opportunity to either refurbish the existing site or undertake a new-build redevelopment.
While Manchester City Council holds a covenant on the site that states it has to be used for offices, CBRE has said that the site could be redeveloped for life sciences uses, subject to the relevant planning approval being gained.
Commenting on the sale process, Siemens said in a statement: "Siemens plc has decided to put its Sir William Siemens House location in West Didsbury up for sale with a plan to lease the building back for an initial three years.”
"The building will be put on the market and subject to offers received, we expect a decision will be reached on the sale by autumn 2022. Responsibility for running and maintaining the Siemens HQ will remain with Siemens plc throughout the leaseback agreement."
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