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French investor Corum Asset Management buys 61,000 sq ft South Manchester site

25th November 2019

Advised by Ryden, French investor Corum Asset Management has secured the purchase of No. 1 Dovecote, Manchester from PIN Property for £13.85m reflecting a 7% yield in the year’s largest South Manchester office investment deal.

The 61,000 sq ft offices premises have been comprehensively refurbished to an exceptional standard by PIN Property in conjunction with M3 Construction, prior to being fully let to Verastar on three separate leases at £16.50psf with a WAULT of 8.5 years

Verastar is a services firm specialising in telecommunications, water and energy for small and medium sized businesses. The company is currently based in Sharston and it is in the process of moving 500 staff into the building, which will become their HQ.

Cushman & Wakefield advised on the disposal for PIN Property while Ryden represented Corum Asset Management in what was an off market transaction.  

Manchester law firm Kuits advised PIN Property on the legal and commercial aspects of this significant transaction, and CMS represented Corum Asset Management in respect of legal due diligence.

Alasdair Munn

Alasdair specialises in the acquisition and disposal of commercial property investments in London and throughout the UK, acting for institutional, property company and private investors.

Alasdair is a chartered surveyor with almost 30 years’ experience in the commercial property market. He worked for Mason Philips from 2002, where he was one of the joint owners of the business, and joined Ryden following the merger of the two firms in December 2016.

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