The Slate Yard in Manchester, a build-to-rent development completed in 2020, is on sale for a guide price of £110 million.
The development has 424 luxury apartments across three buildings, offering a total of 275,115 sq ft of high spec living accommodation.
Slate Yard is home to corporate tenants like BT, Freshfields Bruckhaus Deringer, and Eversheds Sutherland.
Lloyd Wraith, a partner in the residential investment team at Knight Frank, said: “The Slate Yard is one of the finest BTR schemes within Manchester, occupying an unrivalled position within the city.
“The scheme has a broad and deep appeal to residents resulting in incredibly strong occupational performance.
“Access to stabilised investments of this quality and scale is limited and we are excited to bring this exceptional residential investment opportunity to market”.
Slate Yard offers apartments ranging from one to three bedrooms, and has extensive amenities, including a state-of-the-art gym, a residents’ lounge, co-working spaces, and 24/7 concierge services.
The development’s ESG credentials are exceptional, with features such as fossil fuel-free energy, a high average EPC rating of B83 and in excess of 200 photovoltaic panels.
Dan Batterton, head of residential at Legal & General’s Asset Management Division, said: “The Slate Yard is an award-winning scheme, forming a key part of the New Bailey regeneration area in Manchester.
“Having launched our Build to Rent Strategy in 2016, the Slate Yard marked our first BTR investment; we have since deployed over £3bn of institutional capital into the sector and expanded our portfolio to 24 schemes across 13 cities – we’ve been on a rapid trajectory of growth and look forward to continuing with this as precedent.
“Given the successful delivery of The Slate Yard, we are now in a position to bring the asset to market and identify new opportunities for investment. We look forward to re-deploying this capital back into the sector, as we continue to underpin L&G’s commitment to unlocking more homes across the UK.”