The investor who owns the building that houses Manchester’s flagship House of Fraser store has put it on the real estate market for £84.5 million.
The Grade II-listed building, located at the junction of Anne’s and King streets in Manchester’s city centre, totals 387,595sq ft and is currently being let to the department store retailer for 33 years.
Also fronting Deansgate, the premises have long been a part of Manchester’s history and comprises two separate buildings linked via basement and footbridges – the larger of which dates back to the 1930s.
House of Fraser pays an annual rent of £4.36 million to the private investor, representing by commercial real estate firm Savills.
“This is a rare opportunity to acquire a prime landmark department store investment in Manchester which, as a city, is recognised on a global scale for its retail offer,” Savills investment director Oliver Foster said.
“We expect the long unexpired lease term to House of Fraser and attractive (5.07 per cent) yield to generate high levels of interest among investors based in both the UK and overseas.”