Orchard Street Investment Management LLP, the specialist commercial property investment manager, announces that it has purchased Joule House, Trafford Park, Manchester for £7.6 million (approx. 9.4 million) from Peel Land and Property Investments plc.
The acquisition was made on behalf of a client of Orchard Street and reflects an initial yield of 6.5%.
Joule House, a 48,082 ft² (approx. 4,500 m²) data center, is let to Telecity Group UK Limited, Europe's leading provider of data systems, for a further 13.5 years with annual RPI linked rental uplifts. Telecity is due to imminently complete a £28 million refurbishment and fit out of the building.
Joule House is located near MediaCityUK on Trafford Wharf Road, just 1.4 miles west of Manchester city center.
Commenting on the acquisition, John Humberstone, Partner at Orchard Street, said: "We are delighted to have completed the purchase of Joules House. This is a high quality asset which benefits from a strong and committed tenant on a long lease with annual RPI uplifts and an excellent location."
BNP Paribas Real Estate acted for Orchard Street Investment Management and Whitaker Horton acted for Peel Land and Property Investments plc.
Source: Tavistock Communications