CBRE brings Co-op’s Manchester HQ to market for £165m

CBRE Investment Properties has brought One Angel Square in Manchester to market for offers in the region of £165m. The 329,219 sq ft office block, located in the NOMA estate, has a 7% net initial yield and is currently the headquarters for the Co-operative Group. Situated on a 1.27 acre island site, the 14-storey block offers grade-A office space and carries BREEAM Outstanding and EPC B ratings. It is adjacent to Manchester Victoria railway station and is bounded by Miller Street, Angel Street and Corporation Street. Other amenities and facilities on offer at the site include an auditorium, restaurant, convenience store, coffee shop, gym and fitness studio. Floorplates in the building are flexible and range from around 3,000 – 29,000 sq ft. CBRE executive director Will Kennon 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 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 NOMA estate spans 20 acres and features 19 buildings, the bulk of which are owned by Federated Hermes. See more properties, land and ownership information for Manchester>> To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige or @EGPropertyNews Image © CBRE