A portfolio of 163 rental apartments in Manchester has hit the market with a price tag of £40.5m+.
The apartments are spread across three schemes in Manchester city centre – the Grade II listed Basil House on Portland Street, Salisbury House on Granby Row and 51 King Street (pictured) – and 341 Great Western Street in Rusholme.
The portfolio has a current occupancy level of 99% and is 90% let for the 2024/2025 period. The portfolio, which also includes a ground floor retail unit on King Street let to Patagonia on a long lease, provides a combined rental income of close to £3m per annum.
Hannah Badger, director in CBRE’s residential capital markets team in Birmingham, which has been instructed to market the opportunity, said: “Manchester has one of the more mature private rental markets, but there is a chronic undersupply of rental homes in the city. Consequently, properties in this portfolio have achieved an average rental uplift of close to 15% for 2024/25. This sale is a great opportunity to acquire four stabilised assets with a guaranteed income.”
Giovanni Pilla, associate director in CBRE’s residential capital markets team in Manchester, added: “The portfolio has been strategically built up over several years and presents an excellent opportunity for investors. All the assets are in prime locations with access to a deep rental pool, being within walking distances to Manchester’s universities and key employment hubs.”
