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MANCHESTER-In Manchester’s biggest office deal this year, Highstone Estates, a subsidiary of the Paul Sykes Group, has purchased 101 Barbirolli Square for £26.5 million ($39 million). The acquisition from Hermes reflects a net initial yield of 6.5%.

Considered by many to be the region’s premier office development the 84,145-sf headquarters building is let to accountant PricewaterhouseCoopers and lawyer DLA for a further 16 years. Developed in 1996 by Amec, the building was originally funded by Hermes Property Asset Management. 101 Barbirolli Square is situated in the heart of the city’s south central district, overlooking the Bridgewater Hall, Great Northern Warehouse, the G-Mex convention centre and the Midland Hotel.

Highstone Estates’ Development Director Chris Dalzell said: ‘The diversity and strength of the Manchester economy, allied to low vacancy rates should lead to good growth over the coming years as the City continues to strengthen its regional importance within both the UK and Europe.’

The Eurosceptic property magnate Sykes owned 50% of the Meadowhall shopping mall in Sheffield before it was sold for £1.18 billion ($1.7 billion) to British Land two years ago. He has recently returned to the market through his new vehicle Highstone, and earlier this year bought the Victoria Quarter shopping centre in Leeds for £46 million ($67 million).

King Sturge & Co acted for Hermes Property Asset Management. Jones Lang LaSalle acted for Highstone.

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