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HMG Acquires Prime Office Investment in Cheadle

HMG have acquired Haw Bank House, a Grade II Listed office building in Cheadle Village, from Bruntwood in a deal that completed last week.

 

The property extends to a total of 16,053 sq ft over ground and first floor levels on a site of 1.12 acres and has 81 car parking spaces. The original Haw Bank House was built in the late 18th century and was converted into offices in 1984 when two new wings were also added in a sympathetic style to the original building. The property is fully let to 4 occupiers with the entire first floor having recently been let to The Shepherds Friendly Society until 2033. The total income is £262,220 pa.

 

Nick Casson, CEO of HMG commented “Haw Bank House is a high quality office property in an appealing location, with generous car parking and is well let on relatively long unexpired lease terms. It is less opportunistic than some of our other recent purchases and the rational for buying this high quality asset is part of our wider strategy to balance risk as we seek to grow our portfolio.”

 

The quoting price for the property was £3,650,000, which reflected a Net Initial Yield of 6.75% and a Reversionary Yield of 8.85%

 

Carrick Real Estate acted for Bruntwood. Metis acted for HMG.

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