On behalf of Helical Plc, Savills advised on the sale of 31 Booth Street, a Grade II listed office building within Manchester’s prime city core.
The property provides 24,902 sq ft of Grade A office accommodation across seven floors and is 100 per cent let to nine occupiers. Savills acquired the property with vacant possession on behalf of Helical Plc in January 2016. Savills building consultancy team subsequently project managed the refurbishment of the building and Savills office agency experts undertook a successful marketing and leasing program, providing advice on tenant line up and leasing strategy to maximise value. Savills investment team was then instructed to launch the building to the investment market.
Savills worked alongside Helical Plc on this project from inception through to completion. They provided well thought out, accurate advice throughout and we achieved an excellent result to exit 20 per cent above our valuation in a difficult economic environment.
Will Parry, Senior Property Executive, Helical Plc
The property was sold to the Property Income Trust for Charities, a fund managed by Mayfair Capital, for £11.925 million reflecting a net initial yield of 5.04 per cent. This result was not only 20 per cent above valuation, but also a record capital value per sq ft for a building of this type in Manchester.