Manchester-based Property Route has sold their interest in St John’s Chambers, 2 St John Street, Manchester. Property Route had this property valued in their balance sheet by CBRE for £3.5m.
The building, a famous Manchester Landmark with multi-let office property was recently refurbished and is virtually fully let. The purchase represents an initial yield close to 6% and is reversionary. Located on the junction of St John’s Street and Deansgate it occupies a gateway location leading to the proposed major development at the Granada Studio’s site further down on Great John’s Street.
The building is home to Hobs Reprographics, MYA, Castlefield Clinics and Adams Taylor Solicitors.
Nabeel Chowdery comments: “Since the purchase in 2005 we have fully refurbished the building and let it to multi-let professional tenants and there was no further value we could add, hence the reason we sold it.”