Savills, on behalf of the Exchange Quay Master Trust, has begun marketing Exchange Quay at Salford Quays in Manchester for a guide price of £32.5 million, reflecting a capital value per sq ft of only £75.
The iconic office park development occupies an enviable location within Salford Quays and comprises seven office buildings extending to a total floor area of 433,637 (40,286 sq m). Floorplates range in size from sub-1,000 sq ft (93 sq m) to 12,300 sq ft (1,143 sq m) and the scheme also includes 2,149 car parking spaces. In addition, Exchange Quay benefits from unrivalled transport links with its own dedicated tram stop as well as being in close proximity to the M60 orbital.
Current tenants at the high-profile scheme include Sage UK, Barclays Bank PLC and Scottish Equitable with a current gross annual rental income in excess of £4 million.
Oliver Foster, Investment Director at Savills, comments: “Exchange Quay presents a unique opportunity to acquire a landmark office development that offers a perfect combination of high quality and flexible space with an attractive waterside setting. The scheme already accommodates some high-profile occupiers and with approximately 42% currently vacant, Exchange Quay provides immediate asset management opportunities for an investor to add value.”