MCR Property floats £54.7m Universal Square opportunity

CBRE is marketing the 255,000 sq ft Manchester office complex for sale. 

MCR Property is seeking £54.7m for Universal Square, aq scheme it acquired in 2015. A sale at this price would reflect a net initial yield of 7.15%. 

Sitting on a 6.5-acre site of Devonshire Street North in Ardwick, Universal Square comprises five inter-linked buildings and serves more than 2,500 people from a range of tech, finance, education and creative sectors. 

Universal Square is 98% let to occupiers including Carfinance247, which occupies 38,000 sq ft, and Global Banking School, which has 40,000 sq ft within the complex. 

SoftCat, a £1bn turnover company occupies 28,000 sq ft. 

A new owner will have the opportunity to introduce a newly designed reception, further amenity, and external public realm space into the campus and establish a new rental tone within the building reflective of the headline rentals achieved on recent lettings. 

Colin Thomasson, executive director of investment properties at CBRE said: “Universal Square offers excellent investment potential through its highly competitive rental position and strong performance, as well as great tenant retention. 

“The campus has secured in excess of 135,000 sq ft of lease re-gears and lettings in the last two years alone which is testament to its attractiveness to occupiers. The value-add potential is significant and we look forward to entering into discussions with interested parties.” 

Universal Square is the latest chunky Manchester office investment opportunity to hit the market. 

Sunlight House has been put up for sale by owner Abrdn for £38m, while Aviva is looking to offload Atlas Business Park for £39m.