Knight Frank Investment Management (KFIM) has acquired the freehold interest in Norfolk House in Manchester city centre from DWS for €21.6m (£19.1m). The property, located on Norfolk Street, provides 55,858ft² of Grade A specified office space across ground and four upper floors. Current occupiers include Zurich Insurance, GVA, Euler Hermes and the Secretary of State for Health.
David Johnson, partner at KFIM, said: “Manchester is a core regional office market that we have been keen to invest in for some time, after considering a number of assets we are delighted to have secured Norfolk House. The building profile offers the fund both core income secured to a number of recognised strong covenants as well as some void providing the opportunity to develop and improve the rental tone in the building. There have been a number of successful developments close by and the imminent opening of the old Stock Exchange Building opposite will further improve the appeal of this location”
Leo Nicholson, senior associate at Gerald Eve, said: “Offering significant reversionary potential and numerous asset management angles, Norfolk House is an excellent acquisition for KFIM. Manchester is an essential location for both national businesses and leading international companies, and Norfolk House is well-placed to capitalise on the strong market dynamics.”
