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Anchorage 1 & 2 1-2 Anchorage 150,663 sq ft 81% Let 4-Star Office Property Salford M50 3YL £30,250,000 (£200.78/sq ft) 10% Net Initial Yield
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Investment Highlights
- 1 and 2 Anchorage, the two office buildings of the four-building Anchorage development, as the remaining two were converted into residential units.
- Well-located in a pedestrian-friendly area on Manchester’s fringe, steps to several cafes, hotels, and The Quay, a landmark mixed-use development.
- Long-term value reinforced by excellent communications with an on-site Metrolink station and the M602 a two-minute drive away.
- Multi-let to an excellent tenant line-up, including the Secretary of State, Baker Hicks, Bibby Financial Services, and Morgan Sindall.
- Reversionary asset with a low average rent of circa £18.50 per square foot, with the latest deal agreed in the building at £23.00 per square foot.
Executive Summary
CBRE is pleased to present the sale of Salford’s Anchorage office scheme, 1 and 2 Anchorage.
Anchorage was designed as four interlinked office buildings, but just two continue to be used as offices after buildings 3 and 4 were bought and converted into residential units in 2022. CBRE has now been appointed to sell the remaining Anchorage office space for an asking price that reflects an initial yield of 10%.
The refurbished workspace hosts tenants, including the Secretary of State for Work and Pensions, Baker Hicks, Bibby Financial Services, and Morgan Sindall, and comprises approximately 150,000 square feet. 1 and 2 Anchorage has an average office rent of circa £18.50 per square foot, with the latest deal agreed in the building at £23 per square foot.
The property makes up part of the Salford Quays business district, which has a Metrolink station on-site providing services to Manchester city centre in 12 minutes. The building is located within a two-minute drive of Junction 3 of the M602 motorway, giving immediate access to the region's expansive motorway network. Anchorage’s spectacular waterfront location offers a host of sporting and cultural attractions, cinema, world-class events, shopping, and an abundance of contemporary restaurants and bars.
Anchorage was designed as four interlinked office buildings, but just two continue to be used as offices after buildings 3 and 4 were bought and converted into residential units in 2022. CBRE has now been appointed to sell the remaining Anchorage office space for an asking price that reflects an initial yield of 10%.
The refurbished workspace hosts tenants, including the Secretary of State for Work and Pensions, Baker Hicks, Bibby Financial Services, and Morgan Sindall, and comprises approximately 150,000 square feet. 1 and 2 Anchorage has an average office rent of circa £18.50 per square foot, with the latest deal agreed in the building at £23 per square foot.
The property makes up part of the Salford Quays business district, which has a Metrolink station on-site providing services to Manchester city centre in 12 minutes. The building is located within a two-minute drive of Junction 3 of the M602 motorway, giving immediate access to the region's expansive motorway network. Anchorage’s spectacular waterfront location offers a host of sporting and cultural attractions, cinema, world-class events, shopping, and an abundance of contemporary restaurants and bars.
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Property Facts
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
150,663 sq ft
Costar Property Class
B
LoopNet Rating
4 Star
Year Built/Renovated
1991/2011
Price
£30,250,000
Price per sq ft
£200.78
Yield
10%
NOI
£3,025,000
Occupancy Rate
81%
Tenancy
Multiple
Number of Floors
10
Typical Floor Size
16,064 sq ft
Plot ratio
1.92
Total Plot Size
1.80 ac
Parking
49 Spaces (0.3 Spaces per 1,000 sq ft Leased)
Amenities
- 24 Hour Access
- Restaurant
- Security System
- Waterfront
- Reception
- Bicycle Storage
- DDA Compliant
- Lift Access
- Natural Light
- Open-Plan
- Partitioned Offices
- Shower Facilities
- Air Conditioning
- Raised Floor System
Demographics
Demographics
1 mile
3 mile
5 mile
2022 Population
38,059
379,680
845,496
2022 Households
19,967
163,124
352,851
Average Age
34
34
35
Median Household Income
£61,800
£53,304
£46,711
Daytime Employees
44,363
380,901
594,901
Total Businesses
4,598
52,319
93,905
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Blanconero | - | - | In Building |
| Greggs | - | - | 5 min walk |
| Beefeater Grill | - | - | 8 min walk |
| Nando's | - | - | 10 min walk |
| Costa | - | - | 11 min walk |
Retail |
||
|---|---|---|
| Co-op | Supermarket | 2 min walk |
| Tesco Express | Local Shop | 10 min walk |
| Holland & Barrett | Health Food | 11 min walk |
| M&S | Dept Store | 11 min walk |
Hotels |
|
|---|---|
| Holiday Inn |
218 rooms
3 min drive
|
| Copthorne |
166 rooms
3 min drive
|
| AC Hotels by Marriott |
142 rooms
3 min drive
|
| Tribute Portfolio |
133 rooms
5 min drive
|
| Hilton Garden Inn |
250 rooms
6 min drive
|
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Anchorage 1 & 2 | 1-2 Anchorage
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