Custodian REIT picks up Manchester city centre office property for £6.25mln

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The 20,012 square-foot building is a short walk from Oxford Road station (pictured) Custodian REIT () has bought a 20,000-square foot office building in the heart of Manchester for £6.25mln. The six-floor Fountain Street property, which is a short walk from the city’s Piccadilly Gardens and Oxford Road Station, is home to five tenants. It generates an annual rent of £406,704, which equates to a net initial yield of 6.1%. While the weighted average unexpired lease term to first break or expiry is just 1.2 years, Custodian sees this as a positive in that it “provides potential asset management opportunities to enhance value and increase passing rent". Richard Shepherd-Cross, the managing director of Custodian Capital, the REIT’s investment manager, added: "We are delighted to have secured this high-quality office building in a proven central Manchester location, which continues the pre-emptive deployment of proceeds from the sale of a portfolio of industrial propert
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