Acting on instructions from AXA Real Estate, Cheetham & Mortimer have completed their second investment sale along King Street within the last 12 months.
The freehold interest in 20-22 King Street, Manchester has been sold to a local property company for a price of £1,400,000. The entire property was let to Quill Restaurants Ltd for a term certain of 4 years, albeit the tenant had ceased to occupy the unit in the summer. The price reflected an equivalent yield of 6.75%.
In our opinion, this sale demonstrates that investor confidence in King Street is continuing to strengthen and broadly tracks the ongoing trend within the occupational market.