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.
Law Firms: Ashurst;
Clients: Invesco Real Estate;