Posted 1 November, 2017 OBI NEWS
Today OBI Property announced the sale of 42-44 Fountain Street, Manchester to BMO Real Estate Partners. OBI Property, along with CBRE, advised building owners The Wakefield Property Partnership who are represented by Leeds based Wilton Developments on the redevelopment and asset management of the property.
The six upper floors of office accommodation are let to Rentalcars.com and the ground floor unit is currently being marketed for leisure use. The seven-storey building comprises 24,750 sq ft and was sold for £9.86 million representing a yield of 5.75%.
Jason Stowe Managing Director of Wilton Developments said: “We initially acquired the building with the residue of a long lease, we identified that the building was suitable for a comprehensive refurbishment and reimagining which we have undertaken on behalf of Wakefield Property Partnership. We are pleased with the results which have been further endorsed by the swift letting to Rentalcars.com and the investment sale to BMO which we are announcing today”.
Will Lewis, Transactions and Asset Management, OBI Property said: “We are delighted to complete the journey with our clients on this asset and the exit price confirms the strong level of investor demand for prime city centre buildings. This transaction represents how OBI Property create significant value for our clients – we acquired the building six years ago, undertook the dilapidations negotiations with the former tenant, provided interior design input and fully leased the building prior to completion of the works. It has been great to apply the OBI Difference having been involved at all stages from acquisition through to disposal”.
BMO Real Estate was represented by Jonathan Brown of Capita on the deal.