Royal Bank of Scotland’s 500,000 sq ft of offices at Spinningfields in Manchester have come to market following the appointment of administrators at EY.
The 350,000 sq ft 1 Hardman Square and 150,000 sq ft 1 Spinningfields Square were owned by four SPVs and were let to the bank in 2004. It has 24 years remaining on its lease.
Savills has been appointed selling agent on the buildings and is expected to seek around £300m – a circa 5% yield.
UK chief executive Mark Ridley said: “We expect the sale to generate significant interest from both domestic and international investors.”
Ben Cairns, joint administrator at EY, added: “The joint administrators are currently undertaking a full review of the two properties with a view to finding a buyer or buyers. The office locations continue to be fully serviced by managing agents and the tenants and suppliers will not be affected by the administrations.”
samantha.mcclary@estatesgazette.com
