Property Alliance Group has sold Trident Office Park at Manchester International Airport to investment manager, Longmead Capital LLP for c. £25m, reflecting a net initial yield of c. 7.25%.
Trident, situated adjacent to Manchester International Airport extends to c. 106,000 sq ft over four buildings.
The property has recently benefited from a multi-million-pound refurbishment and re-modelling programme to provide Grade A office space with unrivalled amenities including a gym, café, bike hub, shower facilities and extensive on-site car parking.
Trident is 90% let to corporate occupiers including Avecto, Renold, MPM Products and Convergys.
Alex Russell, Managing Director of Alliance said: “The sale of Trident office park is testament to the strength of both our offices and asset management teams.
“We responded swiftly to market demand, providing high-quality refurbished office space as well as unrivalled on-site amenities. This has resulted in a first-class business location, which has quickly achieved record rents, attracted high-calibre tenants and helped occupiers to recruit and retain talent.
“We are immensely proud of the success of Trident and wish Longmead Capital future success with its new asset.
“Following the sale, we are actively looking for new sites to bolster our offices portfolio, both in the North West and Yorkshire, and look forward to announcing new projects shortly.”
CBRE acted for Property Alliance Group and Colliers International acted for Longmead Capital.
Colliers International and CBRE have been retained to let the remaining vacant space.