Manchester Offices

[jrb]

Originally Posted by SleepyOne

Its actually quite an old design - dating back to 2001 in fact, hence the layered look which was in vogue back then. They did however submit a revised application to freshen it up and I've got to say the images posted above, depicting the final version, are a great improvement on what it was. Architects are Aedas.

Any chance you can find them and post them again. Thanks.

[SleepyOne]

This was the old version. Submitted for planning in 2001 so the concept design work must be late 90s and it shows. The main difference is the removal of that stupid square outbuild, which was presumably included to appease misguided heritage lobby-types that thought it would help to better relate it to the adjacent Waterhouse pub building.






As you can see the updated version is a much cleaner, slicker design, even if it does still look slightly dated.

[The Longford]

Originally Posted by SleepyOne

which was presumably included to appease misguided heritage lobby-types that thought it would help to better relate it to the adjacent Waterhouse pub building.
]

It was probably included in a misguided attempt to appease heritage lobby-types because architects and developers think heritage lobby types are real ale beardy weirdys who are fucking stupid and will fall for any old cobblers when in reality they just want to see decent architecture.

[jrb]

Your Space extends New Mount Street renovation

Developer Your Space is to invest a further £750,000 into the refurbishment of one of its serviced-office centres in Manchester.

The investment is on top of the £1m already spent on the renovation of the former print works on New Mount Street and will be used to convert the lower ground floor into separate suites with 100 workstations in total as well as a communal lounge.

The developer will rent out the additional 7,500 sq ft of refurbished office space on a price per workstation basis at a price of £199/month, which it claims to be the cheapest in Manchester.

[b4mmy]

A MANCHESTER office block has changed hands for £50m, more than a year before building work is due for completion.

The sale of the building at BOOTH STREET comes well ahead of the October, 2008, completion date for construction work - and long before any tenants sign up for leases.

However, the buyer - a UK pension fund - has signed a deal which means the price will be lower if the lettings campaign does not go well.

Experts say the sale shows that some investors believe that a softer property investment market, in which many of the big funds have decided to take a break until economic cond-itions settle, provides real opportunities for others.

It is regarded as a significant sign of confidence in the city that the buy was on behalf of a UK pension fund.

Orchard Street Investment Management, a London-based business acting for some of the wealthiest people in property, has agreed a £50m funding and purchase agreement with Wilson Bowden Developments for Belvedere House, Booth Street, Manchester, on behalf of a UK pension fund client.

When completed, Belvedere House will total 103,000 sq ft. The building is expected to attract interest from both financial services and professional tenants.

Strategic Acquisition

Chris Bartram of Orchard Street said: "Belvedere is a strategic acquisition for a large UK pension fund client's portfolio. All of the funding for the scheme is being provided against a flexible final price arrangement, whereby the success of the letting campaign will define the total purchase cost."

Jones Lang Lasalle acted for Wilson Bowden, and Orchard Street were represented by Sanderson Weatherall.

Last week's city centre letting to a leading law firm shows that the city's professionals are still on the hunt for smart new city-centre office space.

Three is proving to be the magic number for Allied London, which announced a trio of office lettings in Manchester.

3 Hardman Street, in the heart of Spinningfields, due for completion in autumn next year, has already attracted international law firm Pinsent Masons and leading serviced office provider Regus.

Pinsent Masons has agreed terms for the top two floors of the building, totalling 35,000 sq ft, while Regus has pre-leased the floor below, totalling 17,500 sq ft.

In a separate move, Allied London has also announced London Scottish Bank is to move into 201 Deansgate, taking . all 39,500 sq ft of grade A office space over three floors.

[b4mmy]

Spring Gardens blossoms early



WEEKS before building work is due for completion, a Manchester office block is already close to signing its first tenants.

Occupiers are negotiating for 20,000 sq ft at the Zenith Building, developed by Manchester property magnate Bill Wrather.

The deals, covering five floors, will see the Spring Gardens building claim an early success in the competitive city centre property scene.

The Zenith Building forms part of a masterplan for the Spring Gardens area, which is currently being transformed. Totally 67,000 sq ft, it is conspicuous for its zinc and Portland stone cladding.

Paul Smith of letting agents King Sturge said: "The secret of the success to date is simple - a good floorplate size, a prime location, superb finishes, stunning full-height glazing, providing dramatic views across the city, and a £1.5m investment in public realm works immediately outside the building. We hope to secure further lettings soon."

James Evans from Savills, joint agents on the scheme, said: "Commanding an impressive £28.50 per sq ft, this prestigious development is a unique and stunning addition to the Manchester office market.

"A number of floors are still available to let, ranging in size from 5,124 sq ft upwards, but, following the flurry of recent activity, we expect the remaining floors to attract other high-profile companies to the development."

Edwards and Co are also joint agents for the development.

[b4mmy]

Morrisons moves in




SUPERMARKET giant Morrisons has signed up to become anchor tenant at the new £40m Openshaw shopping centre.

The 80,000 sq ft store will open in summer next year, following the signing of a 35-year lease with urban regeneration specialists Dransfield Properties.

Dransfield are working in partnership with Manchester City Council and urban regeneration company New East Manchester on the new district centre, which is set to transform a large mixed industrial, commercial and residential area into a new shopping, leisure and commercial centre that will create over 700 new jobs.

Consent was secured earlier this year for the scheme, which will deliver the supermarket for Morrisons along with 10 retail units from 1,765 sq ft to 22,500 sq ft, a 22,500 sq ft leisure unit, 57,000 sq ft of office accommodation, café and restaurant facilities, and 670 car parking spaces. Andrew Malley, retail property director at Dransfield Properties, said: "This is a significant step forward in delivering a new district centre for Openshaw.

"We look forward to announcing further national operators over the next few months."

New East Manchester is a partnership between Manchester City Council, English Partnerships and the Northwest Regional Development Agency.

[b4mmy]

IRISH Investors have bought Salford's Deva Centre for more than £13m.

Belfast-based Four Two Four has acquired the 83,550 sq ft business village in a deal with the Greater Manchester Property Venture Fund for a figure in excess of the £13.25m asking price.
The deal reflects a net initial yield of around 5.5 per cent.

The sale is the first in a series of disposals by the £100m fund. Earlier this summer it emerged that it was considering selling its prize central Manchester asset, Elisabeth House, in a £25m deal.

Gary Scorah of WHR Property Consultants, advised on the deal, said: "This was a unique opportunity to purchase one of the most successful office business parks in Greater Manchester and will offset the other properties within Four Two Four's rapidly expanding portfolio.
"The Deva Centre has proven to be very popular and, although it has been well managed by GMPVF in the past, we believe there are opportunities to further enhance the scheme.

"There is a great synergy between this area of Salford and Manchester city centre, being within the inner ring road and owing to the fact that it is close to a number of new up-and-coming developments.
"As the traditional Manchester business core continues to move north towards Salford, many consider the Deva Centre to be a natural extension of the city centre."

Law firm Addleshaw Goddard represented Four Two Four. GVA Grimley represented the fund.

[b4mmy]

....my mistake, here you go.

[b4mmy]

Not quite 'offices' but:

UBIQUITOUS sandwich chain Pret A Manger has signed has signed up for two new Manchester centre stores.

Manchester-based retail property specialist Tushingham Moore has advised the company on the deals, which include a 1,850 sq ft unit in the heart of the Spinningfields development and a 1,400 sq ft unit at One Piccadilly Gardens.

[b4mmy]

A sad day, but we have to take the rough with the smooth I guess:

MORE than 180 years of history has come to an end with the closure of the Bank of England's office in Manchester.

The central bank, which has had a base in the city since 1826, has left King Street, in the heart of the financial district, and moved to a Warrington business park.

The move is part of a cost-cutting drive which has also seen the closure of the Liverpool office, with all staff relocated under one roof in Birchwood Park, Warrington.

The north west agency - which aims to communicate the Bank's economic policies to local businesses, and feed back to London on the state of the region's economy - is headed by John Young.

Mr Young said: "This move will result in a much more efficent use of resources, while enabling our company visits and our programme of events to continue as before."

A spokesman for the Bank said there had been a recent review of regional property requirements amid rising city centre office costs.

"The important thing is that we remain committed to the north west. Our contact and information gathering function will remain unaffected, while our people should be able to get around the region more effectively."

[b4mmy]

Originally Posted by 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.

Mark Hayes

ANEEL Mussarat's Manchester based investment and development company, MCR Property Group, has bought a Fountain Street office block for £7.5m.

MCR has bought Brook House - a 40,000 sq ft office building from a private Swiss-based investor.

The striking six-storey building is in the city's traditional office core on Fountain Street - part of the so called `Square Half Mile' of the city's financial district. The block recently underwent an extensive refurbishment.

Mark Hayes of MCR Property Group said: "This was an important acquisition for us and complements the variety of other office buildings we currently own in Manchester city centre.

"We acquired the building off-market, as we immediately recognized the huge potential that it possessed and were very keen to make it part of our rapidly increasing office portfolio."

Mr Hayes continued: "We intend to refurbish the remainder of the building to provide flexible office accommodation, with a view to possibly redeveloping it in the future.
"There are several new office buildings due to be completed within this area, and the planned redevelopment of Spring Gardens further strengthened our belief that this is an important area of the city to be involved in. We are even considering relocating here ourselves."

Matthews and Goodman advised the vendor.

[jrb]

From PNW.



Over-supply threatens Manchester office market

Economic uncertainty continues to delay deals in Manchester's city centre office market, raising fears of over-supply, according to Lambert Smith Hampton's latest research.

LSH said demand for high-quality Grade A new offices in Manchester is strong but the market must wait to see if indigenous enquiries of 440,000 sq ft are satisfied as the UK outlook remains mirky.

Peter Skelton, head of office at LSH Manchester, said: "It remains to be seen whether or not local professional firms seeking new offices will decide to put plans on hold in the current economic conditions. We are finding that the circumstances mean many potential moves are being delayed or plans changed altogether."

Take up in the city centre is expected to be similar to the last two years, with the final figure likely to be 850,000 sq ft by the end of the year, regardless of what happens to outstanding requirements. New Grade A buildings already completed are benefiting from limited competition, says LSH, although next year the supply of completed Grade A buildings will reach 1.1m sq ft.

Despite the overall healthy levels predicted for 2007 there have been few large deals; instead a batch of 20,000 sq ft to 30,000 sq ft deals dominates the top of the take-up list, such as the recent completions of Regus and Pinsent Mason at Spinningfields.

Skelton added: "Rents for new build Grade A large floorplates have levelled at £28.50/sq ft and looking ahead, the amount of new supply coming on the market is likely to weaken the growth in prime office rental levels. Tenants will be in a position to negotiate generous packages for a minimum ten year lease term."

Levels of activity in South Manchester are improving gradually, LSH said in an accompanying report on the out-of-town market, with the speculative new build freehold market remaining active.

South Manchester is still over-supplied with around 2m sq ft of space available. More than 25% of this is Grade A space, mainly in speculatively built offices, some of which have stood empty for several years. However, the speculative new build freehold market remains active, with new schemes from Muse Developments at Oakfield, Cheadle Royal and a joint venture between Property Alliance and Royal London at Hercules Business Park, Stockport. Freehold values have increased this year, with £230/sq ft achieved at Cheadle Royal.

[jrb]

Foreign investors shy away from North West
Rachael Tinniswood

The North West's commercial property market is facing a slowdown when it comes to overseas investors, a new report has revealed.

Commissioned by insurer Royal & SunAlliance, UK for sale - Global investment in UK commercial property shows that overseas commercial property ownership in the North West grew by just 4.4% between 2000-2006, ranking it bottom in a table comparing it to the rest of the UK.

The figures show that the percentage of North West commercial property owned by overseas investors grow from 14.7% in 2000 to 19.1% last year. In the same period, the South East, which is ranked top of the league when it comes to overseas commercial property ownership, saw foreign investment grow from 18.2% to 31.4%, a 13.2% rise.

The North West figures also lag behind the national average, which now sees overseas investors account for a massive 33% of commercial property. Overseas investors directly own nearly a quarter of all commercial buildings in the UK and an additional 10% through investment funds.

Simon Wood, director of investment at CB Richard Ellis, said the figures were not cause for concern. He added: "It has long been established that the overseas investors are only interested in city centre and trophy buildings.

"We have seen a high amount of overseas investors from the Irish and oil states invest in Manchester and Liverpool. It has slowed down, as everything has since the credit crunch, but there has been a fair amount of interest in Manchester and Liverpool.

"The top five UK cities, London, Birmingham, Manchester, Leeds and Edinburgh receive plenty of interest from overseas investors, but the other cities are not as globalised. In Hong Kong, for example, people have heard of Manchester but not Chester. If you are an overseas investor you just don't have time to explore several markets.

"The North West compares unfavourably to the South East because that is a more established market. But Manchester and Liverpool are both on the radar now - 10 to 15 years ago you wouldn't have had an overseas investor investing in Liverpool full stop - and that is helping to bring the North West and outlying areas to the overseas market.

"Investors here should actually be pleased with the situation, as what we have seen in other parts of the country is overseas investors paying very high prices for things which push the price up for other investors. Fortunately that hasn't really happened too much here yet."

Estimates of overseas commercial property ownership, by region, 2000 and 2006

Region
2000
2006
Growth 2000- 2006

Highest to lowest % increase
%
%
%

South East
18.2
31.4
13.2

Wales
7.2
16.7
9.5

London
21.9
29.3
7.4

West Midlands
12.6
19.5
6.9

North East
8.7
15.3
6.6

East
13.6
21.0
6.4

Scotland
9.5
15.4
5.9

South West
10.7
16.2
5.5

Yorks & Humberside
11.4
16.5
5.1

East Midlands
13.9
18.9
5.0

North West
14.7
19.1
4.4

Northern Ireland
7.2
9.7
2.5

Proportion of all businesses
14.6
22.4
7.8

[b4mmy]

LSH Executive Summary - Manchester City Centre Office Report 2007/08

Take-up expected to be similar to 2006 and 2005 – approximately 850,000 sq ft. Grade A stock levels are increasing. High-quality, completed Grade A schemes are receiving good levels of interest.

Prime rents for floorplates in excess of 10,000 sq ft have levelled at £28.50 per sq ft.

[gothicform]

amzingly coincidentally, legal and general called me up yesterday wanting to buy datasets off skyscrapernews so they could look at historical data. they offered a whole 200 quid for some 20,000 fields worth. hahaha.

[flange]

Full article is not online yet as it is supscription only.

M&S Manchester search

30.11.07

Marks & Spencer has launched a search for around 120,000 sq ft of office space in the Manchester area.

http://www.propertyweek.com/story.as...rycode=3101294

[SPIDER-MAN]

M&S Manchester search
30.11.07

Marks & Spencer has launched a search for around 120,000 sq ft of office space in the Manchester area.
Advertisement
The retailer, which has four offices in the Salford area, is thought to be looking for a new-build environmentally friendly BREEAM ‘excellent’-rated building where it can consolidate its north-west of England operation.

The building may also have a ground-floor Marks & Spencer foodstore.


Although it is still considering several options the retailer is thought to be in initial talks with Peel Holdings, which is one of the biggest landowners in the area. It may be considering a prelet on a site in the Eerie Basin area of Salford on a 35-year lease.

Colliers CRE is expected to be appointed as adviser to M&S. All parties declined to comment.

M&S’s HQ is in London at Chelsfield’s waterside building in Paddington.

[Metrolink]

Pesky statist, regionalist M&S buying into this North West idea.

Out of interest, where is the Earie Basin? I feel I should know (is it the bit of Salford Quays near Anchorage?) but don't.

[Chogmook]

Where the silver 'Millennium tower' is i believe!

*Actually, I think the new build will be the rounded tower proposal next to Harbour City!