The European fund manager ?rium has recently acquired 3 Hardman Street in the Spinningfields district of Manchester.
The building is prime property, as it has a yield of 6.3 per cent, based on a total rental income of ?11.8 million per annum. The average office property in central London currently yields 5 per cent on rental income.
The property was purchased from developer Allied London via Glenn Arrow UK Property, a Luxembourg-based fund launched in November 2008 with the purpose of obtaining prime office and retail assets throughout the UK.
Other assets that ?rium has so far acquired include 40 Portman Square, in the West End of London, and One Wood Street in the City of London. Tenants that currently reside in 3 Hardman Street include BDO LLP, BNY Mellon, Pinsent Masons, Barclays Bank, as well as medium and smaller businesses.
The building was designed by Shepherd Robson. It consists of 13 storeys and includes 350,000 square feet of Grade A office space. Numerous awards also contribute to the glamour of the building.
Chief executive of Allied London, Michael Ingall, said: ?This building is the best commercial building outside of London. ?rium is a blue-chip investor for this prime asset and we will continue to work with ?rium on this asset to further enhance the value,? reported Crain’s Manchester Business.
?rium’s UK acquisition director agrees that 3 Hardman Street is a perfect fit for the Glenn Arrow UK Property Fund. For ?rium, the building represents not only a trophy property, but also long-term value and high potential returns.
?rium is currently the owner of more than 650 property assets. The collective value of these amounts to more than ?8 billion.
