£84.5 million price tag for Manchester's House of Fraser buliding
The landmark department store sitting on a 1.64-acre site fronting Deansgate, totals 387,595 square feet and is let to the retailer on a lease with 33 years unexpired at an annual rent of £4.36 million. It has long been a part of Manchester’s history and comprises two separate buildings linked via basement and footbridges, the larger of which dates back to the 1930s.
Oliver Foster, investment director at Savills, said “This is a rare opportunity to acquire a prime landmark department store investment in Manchester which, as a city, is recognised on a global scale for its retail offer. We expect the long unexpired lease term to House of Fraser and attractive yield to generate high levels of interest among investors based in both the UK and overseas.”
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