Hermes Real Estate sells Manchester offices

55 Spring Gardens acquired by Linder Meyers for £8.5m

Article posted: 29 Jun 2011

Hermes Real Estate Investment Managers, on behalf of the British Telecom Pension Scheme (BTPS), has sold office space in Manchester at 55 Spring Gardens to Linder Myers Solicitors for a figure in the region of £8.5m, reflecting a net initial yield of circa 9%. 

The eight storey building, which is prominently situated in the heart of Manchester’s traditional office core, totals 47,500 sq ft and is almost fully let on short term leases to tenants that include CBRE and Friends Provident.  

WHR Property Consultants acted for BTPS on the sale. Berkeley Brown represented Linder Myers with Hill Dickinson providing its legal advice.

Meanwhile, Hermes has acquired office space in Paddington, W2, with the purchase of 40-50 Eastbourne Terrace from Westlink Global Investments for £76m. The transaction was on behalf of the British Telecom Pension Scheme.

Comprising a total of 138,000 sq ft of accommodation over two properties the scheme is located directly opposite the proposed Crossrail terminal. CB&I UK occupies the whole of 40 Eastbourne Terrace (pictured).

Commenting on the acquisition, Chris Taylor, Hermes chief executive, said: “This acquisition is consistent with our strategy of re-deploying capital from trophy-type assets by investing in more asset management intensive stock playing to our core asset management strengths.”

Franc Warwick acted for BTPS and Hoffman Partners acted for Westlink / Amcorp Group.

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Posted by Jo