Manchester’s House of Fraser hits market at £84.5m

Manchester’s landmark House of Fraser building is being marketed by Savills for £84.5m – a net initial yield of 5.07%. The Grade II-listed 387,595 sq ft building on Deansgate is let to House of Fraser on a lease with 33 years unexpired at an annual rent of £4.4m. It is being sold by an unnamed private investor. The building comprises two separate buildings linked via basement and footbridges, the larger of which dates back to the 1930s. Savills investment director Oliver Foster said: “This is a rare opportunity to acquire a prime landmark department store investment in Manchester which, as a city, is recognised on a global scale for its retail offer. We expect the long unexpired lease term to House of Fraser and attractive yield to generate high levels of interest among investors based in both the UK and overseas.” • To send feedback, e-mail Louisa.Clarence-Smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette