Self-contained Office in Northern Quarter Sold by Edwards & Co for £1,175,000.
Acting on behalf of a private client, Edwards & Co have sold a single-let office building on Spear Street, in the heart of the Northern Quarter, for £1,175,000, reflecting a Net Initial Yield of 5.6%.
NQ1 on Spear Street is a 6,245 sq.ft. fully refurbished four storey office building opposite The Hive. The property is let to Upside Energy at a low rent of £70,000 per annum (£12.28 psf), making it inherently reversionary.
Martin Hamer, Investment Director at Edwards & Co, comments "We are delighted to have disposed of this office building on behalf of our client. Investment opportunities in Northern Quarter are always sought after and, with the potential for redevelopment in the future and character style, this property proved extremely popular".