One of the UK’s largest independent commercial property consultants, Ryden, have acted as advisors in the largest South Manchester office investment deal this year.
The French investor Corum Asset Management secured the purchase of No.1 Dovecote, Manchester from PIN Property in a £13.85m deal; reflecting a 7% yield.
The 61,000 sq ft offices have been comprehensively refurbished by PIN Property and M3 Construction, prior to being fully let to telecommunications firm Verastar.
The telecommunications firm is currently based in Sharston and is in the process of moving its 500 staff into their new No. 1 Dovecote headquarters, following the sealing of three separate leases at £16.50 per-sq ft.
Cushman & Wakefield advised PIN Property on the disposal, while Ryden advised Corum in the off-market transaction.