Manchester Offices

[flange]

A bit more information on the previous post

London Scottish Bank sells HQ

17/ 8/2007

MANCHESTER financial services group London Scottish Bank has sold its head office building on Mount Street for £20m to Irish property group Walls.

The move, part of a restructuring of the business by out- going chief executive Roy Reece, will see head office staff move to leased offices in the city centre early in the new year.

Funds raised from the sale will support of the growth of the company.

Mr Reece said: "Our strategy, establishing a new operational base in Salford Quays in 2006, has enabled us to now realise the value of London Scottish House. which is located in a prime site within Manchester city centre."

Around 140 people work at London Scottish House, using around half the available space.

Shares in the group, which recently sold its commercial leasing arm to another Manchester company, Davenham, rose 1.75p or two per cent to 84p.

The company said it had yet to find a replacement for Mr Reece, who retires at the end of this month.

http://www.manchestereveningnews.co...._sells_hq.html

[jrb]

Colliers Manchester office market report August 2007.

http://www.colliers.com/Content/Atta...t07%5B2%5D.pdf

[Jongeman]

The gist of that report is that office space take-up is largely down to relocation within the city as opposed to inward investment. I wonder whether the availability of increasing amounts of grade A space being built might encourage more national and international relocations (BoNY); it's what we need.

[jrb]

Originally Posted by Jongeman

The gist of that report is that office space take-up is largely down to relocation within the city as opposed to inward investment. I wonder whether the availability of increasing amounts of grade A space being built might encourage more national and international relocations (BoNY); it's what we need.

Rumours have been flying about for a few months of a large financial institution(American) relocating or expanding it's services to/in Manchester.

Probably to do with MCC and Allied's numerous trips to America/New York.

[markydeedrop]

The AIM-listed company has signed four low-risk operating and management agreements (OMA) to open centres in Newcastle, Manchester and two in the City of London.

The move is part of MWB’s strategy to expand its premium-branded offices into regional market and its low cost alternative, City Executive Centres, into the central London market. It takes the number of Business Exchange centres to 58.

In Newcastle, Business Exchange has signed a 10-year OMA on a 31,000 sq ft building that forms part of a newly developed business park by Grantax Developments.


In Manchester, the company has signed a 12-year OMA on 22,000 sq ft of space at 61-67 King Street owned by AWG Property.

In the City of London, Business Exchange has opened two new centres under its City Executive Centres brand following the signing of a 10-year OMA with the Merchant Taylors Company, owners of two buildings on Threadneedle Street, EC2, and Finch Lane, EC3. The buildings provide a further 18,000 sq ft of space.

John Spencer, chief executive of Business Exchange, said: ‘These new centres reflect our strategy of expanding through low-risk OMAs where there is no liability for either Capex or long term conventional lease liabilities.

‘Also, in the case of Newcastle and Manchester, it enables us to expand into two key regional markets, which has been a priority for some time. The new City centres allow us to offer a lower cost alternative to the more traditional five-star centre through our CEC brand.’

[jrb]

Manc rents defy crunch
28.09.07

The latest research by Colliers CRE claims that prime rents in Manchester’s office market are on course to top £30/sq ft by the end of the year.
Advertisement
This is despite continuing jitters in the commercial property market caused by the ongoing credit crisis in world financial markets.

The net stock absorption figures for Manchester from June 2006 to June 2007, which are due to be published in mid-October but which have been provided exclusively to Property Week, show that occupation of office stock has increased by 599,000 sq ft.

Office occupation in the city stands at 14m sq ft, up from 13.5m sq ft in June 2006. The overall office occupation rate has risen from 87.5% to 88.2%.

Occupation of grade A office space has risen by 21% and now stands at 2.7m sq ft.

Colliers CRE says that up to 1.5m sq ft of new and refurbished office space will come to the market in central Manchester by 2010. However, just 100,000 sq ft has so far secured prelets.

[jrb]

MCR Property Group
28.09.07

Advertisement
MCR Property Group has bought Brook House in the centre of Manchester for £7.4m. The 40,000 sq ft office building on Fountain Street has undergone an extensive refurbishment. MCR said it intends to use the building for flexible office space and could redevelop the site. MCR bought the office building from a private Swiss-based investor in an off-market deal.

[jrb]

KPI Properties submits Trafford Park application
10:11 | 12.10.07

KPI Properties has submitted a detailed planning application for 162,000 sq ft of office and industrial space at Trafford Park in Manchester.

By Deirdre Hipwell

Advertisement
The joint venture partnership between St Modwen Properties and Salhia Real Estate Co plans a new development called Avro Park which will comprise 70,000 sq ft of offices and 92,000 of light industrial space. The site which is on Mosley Road is located next to the 360,000 sq ft warehouse and UK headquarters being developed by KPI for adidas.

Avro Park, so called because Manchester heavy bombers were built on the site by Avro, will be built speculatively in two phases and the first units will be ready for occupation from next summer. The adjoining Adidas facility will open next next spring.

Chris Mulcahy, a director at letting agent King Sturge, said: ‘Trafford Park over the last two years has emerged as an interesting office location given its proximity to the M60, the Trafford Centre and the established Salford Quays.’

[flange]

Fortis moors in Manchester

26.10.07

Fortis Bank has leased around 4,180 sq ft on a 10-year lease at Catalyst Capital’s Ship Canal House in central Manchester.

http://www.propertyweek.com/story.as...rycode=3098440

Article is not online yet as it is a subscription only article for now.

[Isaac Newell]

I think they're from Belgium

[flange]

Here is a little bit more information on the letting to Fortis Bank

Manchester’s Historic Ship Canal House Attracts Fortis Bank as its First Tenant

Manchester, 22nd October 2007 – Acting on behalf of Catalyst Capital LLP, joint agents GVA Grimley and Jones Lang LaSalle have welcomed Fortis Bank as the first new office tenant to Ship Canal House, one of the most well known buildings in central Manchester. Having outgrown its former premises at The Observatory on Chapel Walks, the international banking and insurance services provider has signed a ten-year lease on 4,185 sq ft of space on the building’s newly refurbished 8th floor. This equates to a rent of £28.00 per sq ft.

Chris Cheap, partner at GVA Grimley, said: “A letting to an occupier of the stature of Fortis Bank is testament to the quality of refurbishment Catalyst Capital LLP is undertaking at Ship Canal House. The building provides the best address in Manchester city centre and now has the quality of office space to match.”

Centrally located on King Street in the heart of Manchester’s CBD, Ship Canal House is one of Manchester’s most renowned office buildings. The property was originally built in 1924 as the home to the Manchester Ship Canal Company and was purchased by Catalyst Capital LLP in 2005 for £19.3 million. Comprising 70,000 sq ft of office space, over ten floors; the building is currently undergoing a high quality refurbishment.

Richard Stokes, associate director with Jones Lang LaSalle, added: “Securing a blue chip multi-national company as the first tenant is a fantastic boost for Ship Canal House, and will provide confidence to future occupiers.”

http://www.joneslanglasalle.co.uk/en...rst_Tenant.htm

[Le Curé]

'I think they're from Belgium'



They're a Belgian/Dutch bank and together with UK's RBS and Banco Santander from Spain they just bought the Dutch bank ABN-AMRO beating a bid from Barclays. Quite a big player in the European banking world.

[SleepyOne]

This story is more suited to this thread.

I hope the Co-op stick around Victoria. Is the CIS is included within the review? Seems strange to invest so much money into the CIS tower whilst a major review of its occupational needs was being carried out.

Co-Op Group searches for new Manchester HQ

17:11 | 29.10.07

The Co-operative Group has begun a search for a 200,000 sq ft Manchester headquarters for its 3,000 staff following a six-month property review.

By Deirdre Hipwell


The group said today it was considering a number of options for its staff which are currently housed in six buildings on a 20 acre site which it owns on Corporation Street. The decision has been driven by rising maintenance costs at the site which are expected to amount to more than £100m during the next 10 years.

Co-op options

Its options include building a new headquarters to anchor a mixed-use regeneration of the site or a total relocation within the city centre or Greater Manchester. The move is not expected to take place for at least two years.

It said it would work with Manchester City Council to draw up a masterplan for its existing site near Manchester’s Victoria Station which it has occupied for more than 100 years.


Lynda Shillaw, director of property for the group, said: ‘The momentous decision to move has been made and now we must look at whether a relocation elsewhere or a new build on the site is appropriate. Either way a masterplan for the entire site including a mix of uses will create significant value for the group and the city.’

Cost savings driven

She said any move, which would create a yearly £10m saving, would also consider the future occupation requirements of the group’s financial services businesses – Co-operative Financial Services (CFS) – which is headquartered in Balloon Street and Miller Street. However, CFS has also pledged to retain its headquarters in Greater Manchester.

In January the Co-Operative Group plans to sell its 27 remaining department stores through subsidiary CWS as a £100m portfolio.

[Cosmo Disney]

The Co-operative Group has begun a search for a 200,000 sq ft Manchester headquarters for its 3,000 staff following a six-month property review.

1 Hardman Square sounds like a pretty good option for 200k sq ft ...

[jrb]

Originally Posted by SleepyOne

This story is more suited to this thread although I don't understand the separate purposes of the Manchester Economy and Manchester Offices threads.

I hope the Co-op stick around Victoria. Is the CIS is included within the review? Seems strange to invest so much money and kudos into the CIS tower whilst a major review of its occupational needs was being carried out.

For God's sake Sleepy! Sometimes you can be so petty. One is about Manchester's economy, the other is about Manchester's offices.(that's the purpose) Sometimes they both overlap. It really doesn't matter does it?
We have enough trouble as it is without more pettiness creeping into the Manchester Forum from our own forum members.

[jrb]

HKR wins Stockport office building



HKR plans for the office building on Wellington Road

HKR Architects has won planning permission for this £13 million, five-storey office block in central Stockport.
Backed by HBG Properties, the 4,550m2 scheme in Wellington Road will sit on the site of the former Cannon cinema, overlooking St Peter’s Square.

The practice is hailing the project as ‘bringing the first modern, large floor plate, high-specification Grade-A accommodation’ to Stockport and claims the scheme is ‘the only speculative office development in the town centre with planning permission’.

Part of the council’s wider £1 billion ‘Future Stockport’ regeneration initiative, the south-west facing office will feature polished stainless-steel brise soleil and will house a restaurant and showroom space on the ground floor.

Phil Doyle, director at HKR, said: ‘The St Peter’s Square scheme will raise the bar significantly, bringing an environmentally responsive and flexible workspace to Stockport’s thriving business and professional community.’

The development will start on site in January next year and is scheduled for completion in early 2009.

[The Longford]

Originally Posted by SleepyOne

I hope the Co-op stick around Victoria. Is the CIS is included within the review? Seems strange to invest so much money into the CIS tower whilst a major review of its occupational needs was being carried out.

The CIS are in the CIS tower (funnily enough).
This is talking about the Co-Op...... who are in a variety of buildings around and about there. Different companies.

This seemingly minor story actually has massive implications both in terms of existing buildings and the possibilty of a big, new fuck off building being built in the city.

[highriser]

Originally Posted by The Longford

The CIS are in the CIS tower (funnily enough).
This is talking about the Co-Op...... who are in a variety of buildings around and about there. Different companies.

This seemingly minor story actually has massive implications both in terms of existing buildings and the possibilty of a big, new fuck off building being built in the city.

Are you hinting on something we dont know Mr Longchops ??

I would love a big new .... fuck off building for Christmas

[nerd]

Originally Posted by The Longford

The CIS are in the CIS tower (funnily enough).
This is talking about the Co-Op...... who are in a variety of buildings around and about there. Different companies.

This seemingly minor story actually has massive implications both in terms of existing buildings and the possibilty of a big, new fuck off building being built in the city.

I recall planning consent being given for a vast scheme on the Co-Op site back in the 1970s; four or five tall buildings in bronzed glass. But the existing structures must all be listed now. Could a developer get consent to demollish?

[jrb]

Originally Posted by nerd

I recall planning consent being given for a vast scheme on the Co-Op site back in the 1970s; four or five tall buildings in bronzed glass. But the existing structures must all be listed now. Could a developer get consent to demollish?

Correct Nerd. They are listed. Article in todays MEN.



Co-op to quit city centre
Don Frame
30/10/2007


THE Co-operative Group is to quit its headquarters on the fringe of Manchester's Northern Quarter, in what is being called the most 'momentous' move in decades.

The Co-op says it intends to build a new HQ on its own landholdings either in the city centre, or in the wider Greater Manchester area - but it is not expected to happen for at least two years.

It said today the plan has been driven by the need to find state-of-the-art facilities for the 3,000 staff housed at the iconic New Century House on Corporation Street, and adjoining buildings on Hanover Street, Redfern Street and Federation Street.

The office complex is described as dated, and the Co-op says spiralling maintenance costs of the buildings are expected to total more than £100m in the next 10 years.

No decision has yet been taken over the future of the group's financial services businesses, Co-operative Financial Services which has offices in Balloon Street and Miller Street, and the famous CIS building does not currently figure in any of the plans.

The Co-op says the future occupation requirements of CFS continues to be reviewed against business needs, but it has also pledged to retains its HQ in Greater Manchester.

The announcement follows the merger earlier this year, of the Rochdale-based United Co-operatives and the larger Manchester-based Co, creating Europe's largest consumer co-operative organisation.

The Co-op, which is one of the biggest landowners in Manchester, says pulling out of the New Century House complex will make way for vital regeneration of the city's Northern Gateway.

Regeneration

New Century House, built in 1963 is a listed building however, along with many of the adjoining office buildings, and the Co-op says it plans to work closely with Manchester city council on a regeneration master plan for the site.

Lynda Shillaw, director of property for the group said: "This is a momentous move for us. We want to ensure our employees have a modern workplace and this is simply out of reach at our present premises which are tired and in need of major investment."

She said the relocation plan is expected to generate annual savings of at least £10m as well as realising the development value of the 20-acre site.

"When balanced against the commercial benefits to be gained by relocation and redevelopment of this site, such investment just does not add up," she said.

Sir Howard Bernstein, chief executive of Manchester city council said: "We are pleased the Co-op Group is committed to working with the council and others on the masterplan for the Northern gateway."

New Century House, opposite Victoria railway station and the M.E.N. Arena, has long been a top conference, exhibition, and banqueting venue, as well as the key to the Co-op Group's headquarters.

Rock legend Jimi Hendrix was among the many big name stars that have appeared there over the years at New Century Hall, and other events have ranged from beer festivals and music fairs and model railway exhibitions.

Manchester-based union USDAW which represents clerical workers at the complex, said today it has begun early consultation with the Co-operative Group.

National officer Sharon Ainsworth said: "Our members will naturally be concerned about this news, but we have been assured that we will be fully consulted on any development as they arise."