BAM offloads Metro for £17m

BAM Properties has sold its 71,000 sq ft Metro office in Salford Quays to property investment company Picton, for £17.6m.

The block was built by BAM in 2008, and part of the building houses BAM’s North West office. The building reached full occupation last year. Other occupiers include German shipping line Hamburg Sud, Jacobs and IT consultant Insight Direct.

Picton said that after finance costs the transaction would increase the company’s net income by £900,000 each year, rising to £1.2m in April 2017.

The tenants have an average lease length of 8.3 years. Quoting rent is £21.50/sq ft, including the car parking spaces.

Michael Morris, chief executive of Picton Capital, said: “This is a high quality office which will further enhance our portfolio. Recognising the growing importance of this location in both a micro and macro context, we are confident that this asset will make a positive contribution to both income and capital growth.”