Schroder Real Estate Investment Trust (SREIT) has paid £14.7 million ($18.5 million) for St. Ann’s House, a mixed-use office and retail asset in Manchester.
The freehold, 51,885-square-foot building is 96 percent occupied and comprises 40,277 square feet of office space spanning five upper floors. It also includes five retail units at the ground-floor level and ancillary basement space.
The asset is prominently located near the prime retail core in St. Ann’s Square, which features a listed church, the Royal Exchange theater, a mixture of office occupiers, and high-quality luxury retail as well as leisure operators.
The office space is fully let to four office tenants, which include Ingeus UK, Ecclesiastical Insurance Office, Verlingue, Watt Utilities, Watches of Switzerland, Russell & Bromley and Space NK.
“This acquisition is in line with the strategy to selectively acquire income-producing assets with good fundamentals and the potential to ad
