Regional REIT has sold Oakland House on Talbot Road, Old Trafford, Manchester, to Legacie Developments for £13m.
The sale price represents a net initial yield of 5.1% and a 1% premium over the asset’s 30 June 2025 book value.
Oakland House is a multi-let office building occupied in part by Greater Manchester Police under the Greater Manchester Combined Authority banner.
The property provides 161,505 sq ft of office space with 1.7 years to expiry and generates annual rental income of £0.7m.
Stephen Inglis, head of Regional REIT’s asset manager ESR Europe LSPIM, said: “The planned disposal programme is progressing well and in line with our plans. Annual sales to date now exceed £50m, surpassing our yearly target. The proceeds from these disposals will be allocated towards further debt reduction and accretive capital expenditure initiatives to enhance the quality of our portfolio.”
