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Co-op's landmark city centre HQ is put back up for sale
16.06.2023 - 03:17 / manchestereveningnews.co.uk
The Co-op's landmark headquarters in Manchester city centre has been put up for sale again with a lower asking price.
One Angel Square first hit the market with its owners asking for £210m in June last year. However, the property has now been relaunched with an asking price of £165m.
The building was sold by the Co-op in 2013 for £142m to a special purpose vehicle created by RREEF Investment GmbH, part of Deutsche Bank, and Bedell Corporate Trustees, a Jersey Property Unit Trust.
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One Angel Square is again to be marketed by CBRE's investment properties team.
The building is located in the NOMA commercial district and has 329,219 sq ft of space across 14 upper floors, a ground level, lower ground level and basement. It also includes an auditorium, restaurant, convenience store, coffee shop, gym and fitness studio, as well as several roof terraces.
CBRE executive director Will Kennon, who is leading the sale, said: "This headquarters office investment and landmark asset offers a highly attractive income profile with c.15 years unexpired and indexed RPI based rent reviews, guaranteeing strong income performance during the remaining lease term.
"NOMA is one of Manchester’s most exciting ESG focused business districts and One Angel Square commands a prime central position within the overall estate. The building itself offers strong ESG credentials including BREEAM outstanding.
"The Co-operative Group has been headquartered in Manchester for more than 150 years and based within this HQ building since completion in 2013.
"We expect this unique opportunity will appeal to a wide global investor audience, secured by the strong covenant of The
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