Standard Life Investments Property Income Trust has acquired 101 Princess Street, a Grade II listed multi-let office building situated in Manchester City Centre, in an off market transaction.
101 Princess Street has recently undergone an extensive contemporary refurbishment and extends to 40,000 sq ft over 7 storeys. The property is fully let to occupiers including Magnetic North, Inspired Gaming and Accelerate Places.
Standard Life are understood to have paid a figure in the region of £8.1 million.
James Preston of Colliers International commented: “The Princess Street corridor is a hot bed of creative companies and is becoming an increasingly sought after location by institutional investors. Significant levels of investment/development being undertaken within the immediate vicinity, including the proposed improvements to both nearby Piccadilly and Oxford Road Railway Stations have also proved attractive to the occupational market.”
Colliers International represented Standard Life. Metis Real Estate Advisors acted on behalf of the vendor.