Real estate advisor Savills has brought to market the House of Fraser property in Manchester with a guide price of £84.5m.

House of fraser manchester

House of Fraser Manchester

Real estate advisor Savills has brought to market the House of Fraser property in Manchester with a guide price of £84.5m.

Savills, which is representing a private investor on the deal, said that the 387,595sq ft department store site, based on to Deansgate, at the junction with both St Ann’s Street and King Street, should reflect a net initial yield of 5.07% for potential investors.

The landmark department store total is let to the retailer on a lease with 33 years unexpired at an annual rent of £4.36m.

Oliver Foster, investment director at Savills, said: “This is a rare opportunity to acquire a prime landmark department store investment in Manchester which, as a city, is recognised on a global scale for its retail offer.

“We expect the long unexpired lease term to House of Fraser and attractive yield to generate high levels of interest among investors based in both the UK and overseas.”