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.