PIN Property has completed the sale of No. 1 Dovecote in Sale to French investor, Corum Asset Management for £13.85m reflecting a 7% yield. The deal is the largest south Manchester office investment deal this year.
The 61,000 sq ft office, No.1 Dovecote, has been comprehensively refurbished to a high standard by PIN Property in conjunction with M3 Construction, prior to being fully let to Verastar on three separate leases at £16.50psf with a WAULT of 8.5 years.
Verastar are a services firm specialising in telecommunications, water and energy for small and medium sized businesses, currently based in Sharston and are in the process of moving 500 staff into the building, which will become their headquarters.
Cushman & Wakefield advised on the disposal for PIN Property whilst Ryden advised Corum Asset Management.
Craig Barton, Partner, Capital Markets at Cushman & Wakefield, said: “The off-market sale of No. 1 Dovecote is testament to the quality of our client’s highly specified refurbishment, which initially attracted Verastar to choose the building as their HQ campus. Subsequently, the combination of building quality, an excellent occupier commitment to the building and its prominence to the M60, encouraged Paris headquartered Corum Asset Management to approach on the investment opportunity.”
Phil Meakin of PIN Property commented: “The letting and subsequent sale of No.1 Dovecote represents an outstanding success for the PIN Property team and reinforces our continuing focus on bringing new commercial space to the market. We look forward to announcing further transactional activity in the new year.”
Manchester law firm Kuits advised PIN Property on the legal and commercial aspects of this significant transaction, the team led by Partner Nick Nyunt and Associate Emma Nimmo.
CMS advised Corum Asset Management in respect of legal due diligence.
