BAM Properties have announced they have sold their five-storey Metro Office block in Salford.
East London-based property investment firm Picton Capital Ltd snapped up the 72,500 sq ft block for £17.6 million.
The Grade A office building on Trafford Road, opposite the Exchange Quay Metrolink stop, went up for sale in last year with a price tag just shy of £20 million.
In a statement to the London Stock Exchange, Picton said tenants of the fully-let building would produce income of £1.15 million a year, increasing to £1.53 million a year in April 2017.
It said after costs this would increase Picton’s net income by £0.9 million a year, rising to £1.2 million a year in April 2017.
In October 2015 BAM themselves moved their North West offices to the second floor, comprising around 17,700 sq ft.
They were joined by German shipping line Hamburg Süd who also took 17,700 sq ft on a 10-year lease,
The other occupiers are Sinclair Knight Merz and Insight Direct.
The buyout was funded with £15.8 million from Picton’s revolving credit facility, and £1.8 million from the sale of one of its retail units.
Michael Morris, chief executive of Picton Capital, said: “This is a high quality office which will further enhance our portfolio.
“Recognising the growing importance of this location in both a micro and macro context, we are confident that this asset will make a positive contribution to both income and capital growth.”
