Orchard Street Investment Management LLP, the specialist commercial property investment manager, has bought Joule House, Trafford Park, Manchester for £7.6 million from Peel Land and Property Investments plc. The acquisition was made on behalf of a client of Orchard Street and reflects an initial yield of 6.5 per cent.
Joule House, a 48,082 sq ft data centre, is let to Telecity Group UK Limited, Europe’s leading provider of data systems, for a further 13.5 years with annual RPI linked rental uplifts. Telecity is due to imminently complete a £28 million refurbishment and fit out of the building.
Joule House is located near MediaCityUK on Trafford Wharf Road, just 1.4 miles west of Manchester city centre.
BNP Paribas Real Estate acted for Orchard Street Investment Management and Whitaker Horton acted for Peel Land and Property Investments plc.
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