Hartnell Taylor Cook - Manchester, Market Street

Date: 02 Dec 2004

Deutsche Property Asset Management has sold a prime retail investment, located on Market Street, Manchester, for in excess of £11.5 million.

Hartnell Taylor Cook acting on behalf of a Deutsche UK Retail Property Fund, has sold the freehold interest of 86 - 88 Market Street, Manchester to an Irish based private investor, advised by Knight Frank.

The property, which is let to Allsports (Retail) Limited, who occupy the lower ground, ground and first floors and Childline, who occupy the three upper floors, generates an annual income £548,000. The unit is prominently located directly opposite the Arndale Centre and nearby retailers includes HMV, Littlewoods, H & M, Miss Selfridge and Footlocker.

Gordon Aitchison of Deutsche UK Retail Property Fund commented that: "The sale is in line with our strategy to actively manage the portfolio, taking profit from more mature assets and seeking further active asset management opportunities."

Andrew McGahey of Hartnell Taylor Cook's London office said: "There was so much interest in this investment that we had to invite best bids reflecting the continuing strength of the investment market for good quality retail units and the continuing strength of the private investor in the UK property market.

Market Street, Manchester

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