Tue, 28 Jan 2014 | COMMERCIAL PROPERTY
Sunlight House, a grade ll listed building on Quay Street in Manchester, has been bought by Scottish Widows Investment Partners’ Property Trust for £34.5 million. The deal represents an initial yield of 6.3 per cent.
Previously owned by Aviva Investors, the 214,000 sq. ft. property is home to businesses including advertising firm BJL, Swedish banking group Handelsbanken and car hire broker Travel Jigsaw.
Aviva had previously announced its plans to sell the building and seven other regional properties by 2015.
Built in 1932 by Joseph Sunlight, it is 14 storeys high and was originally intended to be 30, but the local council scaled the plans down. On completion it was still the highest building in Manchester at 14 storeys.
The original swimming pool on the ground floor of the art deco style building is still in use today as part of Bannatyne’s Health Club.
Deputy fund manager Kerri Hunter said: “We really like this property as it’s a striking building, in a great location, with large open plan flexible floorplates. Not only is it on the doorstep of Spinningfields, there are a number of developments and refurbishments planned for the street so the immediate location is set to improve further in the short term.
“With average rents in the low teens, we believe the building is currently punching well below its weight and, particularly given the tight supply of good quality space, has great income growth potential.”
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