The sale of the Co-op's head office in Manchester city centre has been relaunched with a lower asking price.
One Angel Square was first put on the market for £210m in June last year. However, the property has now been relaunched with an asking price of £165m.
The building is owned by a special purpose vehicle created by RREEF Investment GmbH, part of Deutsche Bank, and Bedell Corporate Trustees, a Jersey Property Unit Trust. The freehold of the property was acquired from the Co-op in 2013 for £142m.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
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."
READ MORE:
Connected vehicle data company Wejo files second notice to appoint administrators
Shareholders revolt against plans to dilute stakes without their consent
Lloyds Banking Group announces office closure ahead of major city centre revamp
Luxury car maker Bentley launches environmental fund to help combat climate change
