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 Co-operative Group and look forward to welcoming prospective parties to Manchester over the coming weeks."
In April, BusinessLive reported how the Co-op's sale of its petrol forecourt business to the billionaire Issa brothers and the cutting hundreds of jobs have helped boost its profits.
At the time, the group hailed a "strong operational performance" over the past year and said it benefited from “early and targeted action” against the tough economic backdrop, which included a shake-up which cut about 400 jobs last summer.
The Co-op added that "despite very challenging markets" it delivered a "strong sales performance and maintained underlying profitability". However it warned that it expects "inflationary pressure to continue" and affect profitability.
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