Offers over £12m sought for city centre site with redevelopment potential

Offers over £12m sought for city centre site with redevelopment potentialA £12m asking price has been slapped on a Manchester city centre building that is now being marketed by CBRE’s investment properties team.Boulton House is a 76,739 sq ft multi-let office investment opportunity and CBRE is seeking offers in excess of £11.9m, equating to a 10% net initial yield, for the property on Chorlton Street in the Portland Street corridor of the city centre.The nine-storey office building is currently multi-let to 10 tenants including Northern Trains and with 26,345 sq ft vacancy represents a significant repositioning and investment opportunity.Additionally, the prominent 62 acre site, which has 37 external parking spaces, offers strong redevelopment potential for additional uses including residential and/or hotel redevelopment.Boulton House is located directly opposite the Portland Street Strategic Regeneration Framework (SRF) which sets out an overarching strategic approach for commercially-led regeneration of the area which links Piccadilly Gateway to Manchester’s Central Business District.The area comprises a mix of office, retail/leisure and residential uses, having benefited from significant inward investment in recent years.Robert Woods, senior director of investment properties at CBRE, said: “With an opportunity to gain vacant possession of the asset in 2025 and undertake a complete redevelopment for residential or hotel uses, we are already seeing a lot of interest from keen investors looking at alternative uses for this site.“The area surrounding Boulton House is undergoing development activity with investment programmes across a range of uses being undertaken and the work being done by the Portland Street SRF makes this a very exciting opportunity in a transformative neighbourhood of Manchester city centre.”