Buccleuch buys £1.45m Manchester property

Edinburgh-based Buccleuch Property has expanded its commercial property portfolio with the acquisition of a £1.45 million site in Manchester.

The Manchester property reflects a net initial yield of 5.5 per cent and an estimated annual income of £84,500. Picture: contributed

Comprising four industrial units with a total office space of 25,000 square feet, the purchase from a private investor reflects a net initial yield of 5.5 per cent and an estimated annual income of £84,500, with one vacant unit.

Director Philip Eves said: “We believe there are a number of asset-management opportunities and we look forward to working with the current tenants of the estate, as well as securing a new tenant in the near future.”

The firm is among the business interests of the Duke of Buccleuch, and Eves added: “We continue to look for new and exciting investment and development opportunities across Manchester and the surrounds.”

Meanwhile, property consultancy CBRE has let a 2,200 sq ft retail unit on Aberdeen’s Union Street to Glasgow-based beauty company Nailco Nail Bar, and will employ 14 staff.