It has been announced that Manchester’s House of Fraser flagship store has been put on the market for £84.5 million by the investor who owns the building.

Covering 387,595 sq ft, the Grade-II listed building is situated at the junction of Anne’s and King streets in the city centre, as well as fronting Deansgate and dates back to the 1930s.

Managed via commercial real estate firm Savills, House of Fraser pays an annual rent of £4.36 million to the private investor.

Oliver Foster, Savills investment director, 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 (5.07 per cent) yield to generate high levels of interest among investors based in both the UK and overseas.”