Manchester’s Croxley House for sale for £6.25m

Owner Epsilon Real Estate has instructed King Street Real Estate to market the 23,780 sq ft property off Lloyd Street.

The building is fully let, with a WAULT of 4.64 years. It boasts five upper floors, a ground floor, basement and sub-basement. Current tenants include G&J Distillers, PRP Architects and Venn Group.

Character floorplates range from 2,874 sq ft to 3,212 sq ft. Average rent is £18.77/sq ft, but modernising several lower floors could see that increase to £27.50/sq ft and upwards.

Located close to Manchester Town Hall, the future St Michael’s development and Lincoln Square, Croxley House is easily accessible from public transit, including busses, trams and trains.

King Street surveyor Matthew Cox said Croxley House had already received interest from a range of buyers.

If sold for the £6.25m guide price, the deal will reflect a net initial yield of 6%.

“Croxley House offers an exceptional income opportunity with various upcoming initiatives to add significant capital value,” Cox said.

“We expect to see strong interest from various pots of nationwide capital who will undoubtedly see value in a Manchester market which has rebounded extremely strongly post COVID from an investment and occupational perspective.”