The 329,219 sq ft One Angel Square office building in the heart of Manchester’s NOMA estate has hit the market with a price tag in the region of £165m, equating to a 7% NIY.
The landmark Grade A building, which is currently the Co-operative Group’s HQ, sits on a 1.27-acre island site and offers basement, lower ground, ground and 14 upper floors.
Amenities include a restaurant, convenience store, coffee shop, fully fitted gym and fitness studio as well as several roof terraces offering views across the city. The BREEAM Outstanding building has an EPC B rating.
Will Kennon, executive director at CBRE, who is leading the sale, said: “This headquarters office investment and landmark asset offers a highly attractive income profile with circa 15 years unexpired and indexed RPI-based rent reviews, guaranteeing strong income performance during the remaining lease term. NOMA is one of Manchester’s most exciting ESG focused business districts and One Angel Square commands a prime central position within the overall estate. The building itself offers strong ESG credentials including BREEAM Outstanding.
“The Co-operative Group has been headquartered in Manchester for more than 150 years and based within this HQ building since completion in 2013. We expect this unique opportunity will appeal to a wide global investor audience, secured by the strong covenant of The Co-operative Group and look forward to welcoming prospective parties to Manchester over the coming weeks.”
The 20-acre NOMA estate comprises 19 assets, the majority of which are owned by Federated Hermes. The latest addition – 4 Angel Square – has just reached practical completion and has strong occupier interest.
