Located on the corner of Tib Street and Church Street in Manchester, Fabrix’s nearly fully rented ground floor of Transmission House is up for sale.

Metis Real Estate and Clifton Agency are marketing the property for investor Fabrix, which is accepting offers of more than £3.95m for the property. A deal at this rate would reflect a net initial yield of 7.6% and a capital value of £274/sq ft.

With average passing rents of £22/sq ft, the building has three confirmed tenants: restaurants Pappa Roti and The Vurger Co., and piano showroom C. Bechstein. A fourth unit, the only unlet, is available and already has an offer from a Hong Kong-based barber.

The property has a WAULT to break of 8.7 years and generates an income of nearly £320,000 a year.

Regarding the marketing of Transmission House, Metis managing director Paul Jones said: “It’s a rare opportunity to acquire a new build block in arguably the most vibrant areas of Manchester city centre. There’s a great mix of tenants and an attractive entry yield that we are expecting to really appeal to private investors and family offices.”

Fabrix is selling the virtual freehold for the building, which started its 999-year lease in April 2020. The upper floors of the building are not included in the sale. They consist of 183 apartments.

Transmission House was developed by Salboy and built by Domis. IDP was the architect for the project, Artal was the project manager, and Euan Kellie Property Solutions was the planner.