HPPUT, part of the Daily Mail & General Trust pensions scheme, has purchased the freehold interest in 76 King Street in Manchester from Aprirose for £18.25 million.
The city centre building comprises two ground-floor retail units and four upper floors of offices, providing a total of 41,414 sq ft of space. The property is fully let, with tenants including serviced office provider Orega and law firm Bryan Cave Leighton Paisner, alongside retailers Belstaff and DKNY.
The Grade II-listed Victorian building was renovated in 2012, with facilities including a remodelled reception and rooftop terrace.
Leo Nicholson, Senior Associate at Gerald Eve, said: “In line with the strong performance of the Manchester and wider North West economies, the demand for city centre space, from both occupiers and investors, continues to grow.
“Offering good income and considerable asset management opportunities, 76 King Street is uniquely well-placed to capitalise on the strong market dynamics and is a great addition to HPPUT’s portfolio.”
HPPUT was advised by Gerald Eve, while CBRE represented Aprirose.