Manchester Residential Portfolio Goes on Sale

June 20, 2024
by News on the Block Editorial Team
News On the Block

CBRE’s UK Residential Capital Markets team has won the mandate to sell a portfolio of rental apartments in Manchester. 

The portfolio comprises 163 apartments across four schemes. Three are in the city centre, including the Grade II listed Basil House, Portland Street; Salisbury House, Granby Row, and 51 King Street. The fourth, 341 Great Western Street, is in Rusholme. The apartments have a current occupancy level of 99 per cent and are already 90 per cent let for the 2024/2025 period. 

A ground floor retail unit at King Street is let to an outdoor clothing company Patagonia on a long lease. 

The residential and the commercial space offer a combined potential income of close to £3 million per annum. 

Hannah Badger, a Director in CBRE’s Residential Capital Markets team in Birmingham, said: “Manchester has one of the more mature private rental markets, but there is a chronic undersupply of rental homes in the city. Consequently, properties in this portfolio have achieved an average rental uplift of close to 15% for 2024/25. This sale is a great opportunity to acquire four stabilised assets with a guaranteed income.” 

Giovanni Pilla, Associate Director in CBRE’s Residential Capital Markets team in Manchester, said: “The portfolio has been strategically built up over several years and presents an excellent opportunity for investors. All the assets are in prime locations with access to a deep rental pool, being within walking distances to Manchester’s universities and key employment hubs.”

Offers in excess of £40.5 million are sought. 

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