Boulton House, a 76,739 sq ft multi-let office investment opportunity, has been brought to market by CBRE’s Investment Properties team. Offers are sought in excess of £11.9M, equating to a 10% Net Initial Yield, for the property on Chorlton Street in the Portland Street Corridor of Manchester City Centre.
The 76,739 sq ft, nine storey office building is currently multi-let to 10 tenants including Northern Trains Ltd and Newsco Insider Ltd and with 26,345 sq ft vacancy, represents a significant repositioning and investment opportunity.
Additionally, the prominent .62 acre site, which has 37 external parking spaces, offers strong redevelopment potential for additional uses including residential and/or hotel redevelopment.
Boulton House is located directly opposite the Portland Street Strategic Regeneration Framework (SRF) which sets out an overarching strategic approach for commercially-led regeneration of the area which links Piccadilly Gateway to Manchester’s Central Business District. The area comprises a mix of office, retail/leisure and residential uses, having benefitted from significant inward investment in recent years.
Robert Woods, Senior Director of Investment Properties at CBRE, said:
“With an opportunity to gain vacant possession of the asset in 2025 and undertake a complete redevelopment for residential or hotel uses, we are already seeing a lot of interest from keen investors looking at alternative uses for this site. The area surrounding Boulton House is undergoing development activity with investment programmes across a range of uses being undertaken and the work being done by the Portland Street SRF makes this a very exciting opportunity in a transformative neighbourhood of Manchester City Centre.”
