CBRE lists Manchester residential portfolio for sale

CBRE brings Manchester based portfolio to market, offering an investment opportunity in a highly sought-after area in the city centre.

King Street in Manchester, one of the portfolio assets for sale with CBRE | BTR News
King Street in Manchester, one of the portfolio assets for sale with CBRE.

Commercial real estate service provider CBRE has announced that its UK Residential Capital Markets team has won the mandate to sell a portfolio of rental apartments in Manchester. 

The portfolio comprises 163 apartments across four schemes. Three are in the city centre, including the Grade II listed Basil House, Portland Street; Salisbury House, Granby Row, and 51 King Street. The fourth, 341 Great Western Street, is in Rusholme. Offers over £40.5m are sought by CBRE. 

“The portfolio has been strategically built up over several years and presents an excellent opportunity for investors. All the assets are in prime locations with access to a deep rental pool, being within walking distances to Manchester’s universities and key employment hubs.”

Giovanni Pilla, Associate Director, CBRE’s Residential Capital Markets team in Manchester

CBRE confirm that the apartments have a current occupancy level of 99% and are already 90% let for the 2024/2025 period. 

A ground floor retail unit at King Street is let to outdoor clothing company Patagonia on a long lease. The residential and the commercial space offer a combined potential income of close to £3m per annum. 

“Manchester has one of the more mature private rental markets, but there is a chronic undersupply of rental homes in the city. Consequently, properties in this portfolio have achieved an average rental uplift of close to 15% for 2024/25. This sale is a great opportunity to acquire four stabilised assets with a guaranteed income.” 

Hannah Badger, Director, CBRE’s Residential Capital Markets team in Birmingham