The Royal London Pension Property Fund’s £55m acquisition of Manchester’s One New York Street

The Royal London Pension Property Fund has acquired One New York Street in Manchester from Invesco Real Estate for £55m.

The deal will bring city centre office investment volumes in Manchester for 2017 to more than £600m, according to JLL. Recent deals have set prime yields at around 4.75%.

One New York Street comprises 113,256 sq ft of accommodation split across 13 levels, in addition to two floors of basement car parking.

Its 11 occupiers include Marks & Clerk, AECOM and Turley Associates, with The Alchemist occupying a ground floor pub/restaurant unit.

JLL represented Invesco Real Estate; The Royal London Pension Property Fund was advised by Ryden LLP.

Ashurst has advised Invesco on the asset sale with a team led by Real estate Partner Melanie Jordan (picture), assisted by senior associate Rudi Hakiman, together with Julie Connolly, Charlotte Assael and Emily Ludlow-Eyre.

Involved fees earner: Melanie Jordan – Ashurst; Rudi Hakiman – Ashurst; Julie Connolly – Ashurst; Charlotte Assael – Ashurst; Emily Ludlow-Eyre – Ashurst;

Law Firms: Ashurst;

Clients: Invesco Real Estate;