Palace Capital puts for-sale tag on Manchester multi-let office block

Palace Capital has appointed CBRE’s investment properties team to find a buyer for Boulton House, located on Chorlton Street in Manchester city centre. The nine-storey office building, measuring 76,739 sq ft, is currently multi-let to 10 tenants including Northern Trains and media company Newsco Insider, with 26,345 sq ft currently vacant. The investor is asking around £12m for the building, equating to a 10% net initial yield. See also: Palace Capital sales stall as values tumble Boulton House also offers redevelopment potential for residential or hotel use, thanks to its favourable position on Chorlton Street in the Portland Street Corridor, an area which is set for commercially led regeneration linking Piccadilly Gateway to Manchester’s central business district. Robert Woods, senior director of investment properties at CBRE, said: “With an opportunity to gain vacant possession of the asset in 2025 and undertake a complete redevelopment for residential or hotel use, we are already seeing a lot of interest from keen investors looking at alternative uses for this site. “The area surrounding Boulton House is undergoing development activity, with investment programmes across a range of uses being undertaken, and the work being done by the Portland Street Strategic Regeneration Framework makes this a very exciting opportunity in a transformative neighbourhood of Manchester city centre.” To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews Discover which agents have been most active in Manchester so far this year >> Photo courtesy of CBRE