Landmark Manchester office asset sold for £22.88m

Ship Canal House acquired by Lancashire-based Himor Group

Article posted: 02 Feb 2011

Lancashire-based property investment company, Himor Group, has acquired prime business district offices in Manchester. The grade 2 listed Ship Canal House was purchased for £22.88m, representing a net yield of 6.7%, from Catalyst Capital LLP.

Located on King Street, Ship Canal House comprises 71,527 sq ft of city centre office space in Manchester, and is multi-let to eight high profile organisations such as Fortis Bank, Fidelity International and Liverpool Victoria.

Commenting on the purchase, Will Ainscough, managing director of Himor, said: "Ship Canal House will form part of our long term investment portfolio. We are on an active acquisition trail this year and plan to double our current £60m portfolio over the next five years."

Himor Group has £78m of assets currently under management and is seeking to double this over the next five years. The investor sold 40 Spring Gardens in the summer last year to Climate Change Capital for £47.5m.

Mark Williams, WHR Property Consultants, which acted for Himor, said: "This is one of the most high profile investment purchases that Manchester has seen in the last 12 months. We had to compete with several funds to secure this deal highlighting the healthy demand for quality office investments in the region and reinforces Manchester's position as a leading UK city for growth as a business destination."

For breaking news relating to commercial property in Manchester, follow us on http://twitter.com/officespacenews

Posted by Jenni