Manchester office sale for BTPS

Office design news from Morgan Lovell

Published on 30-06-2011

Hermes Real Estate has sold a Manchester office on behalf of the British Telecom Pension Scheme (BTPS) in a deal reportedly worth £8.5 million.

Linder Myers Solicitors has purchased 55 Spring Gardens, representing a nine percent yield for BTPS. The deal was brokered by agents WHR Property Consultants and Berkeley Brown.

In total, the eight-storey building provides 47,500 sq ft of city centre office interior space and is at present almost fully let.

Chris Taylor, Hermes chief executive, said: "This acquisition is consistent with our strategy of re-deploying capital from trophy-type assets by investing in more asset management intensive stock playing to our core asset management strengths."

Elsewhere in the city, legal recruitment business Sacco Mann recently announced it has taken on office space at Hardman Estates' Vantage Point office scheme.

Situated in the Spinningfields district, the company has signed a ten-year lease for 1,800 sq ft of modern office design space at the building.

Posted by Ian Johnson