Schroders has confirmed it has completed two further lettings at Manchester’s City Tower, each of which achieved new headline rents of £25 per sq ft.
The first deal involves energy procurement services provider LG Energy (LGE), which has agreed to take up 3,549 sq ft on a 10 year lease. This will be the first foray for the energy firm into the Manchester office market and follows its Malaysian office opening last week, indicating that the firm is keen to expand both in the Asian energy markets and here at home.
Schroders also sealed a lease agreement deal with cloud payment services provider Access Pay, which has taken up 2,759 sq ft on a 6 year lease. The firm’s new office will be located on the 22nd floor of City Tower.
Each firm was advised by Colliers International, which has taken up the role of agent for the office building. Surveyor Scott Shufflebottom of the Manchester office team believes that the new lease agreements signify the growing prowess of City Tower as a business destination.
He says; “These are both significant transactions and will complement the existing tenant mix at City Tower.
“The fact that LGE is a new entrant into the city centre and has chosen City Tower as its home is testament to the overall offer the asset provides and recognition that Schroders has made a commitment to invest and improve the asset since their acquisition.”
This is not the only news to come from Schroders in relation to City Tower in the past few weeks, however, as the firm also chose to unveil a large scale improvement programme designed by ID: SR.
Along with transforming the entrance and reception area to provide both professional and social facilities for occupants and visitors, the building will benefit from a rolling lift lobby and office floor refurbishment scheme set to modernise all contained amenities.
City Tower provides 350,000 sq ft of Grade A office space over 28 storeys and, at present, offers the highest available office space in the UK outside of London. Schroders investment manager Tom Newman believes that these factors, along with the upcoming improvements, are the reason for the high demand for space by potential occupants.
He says; “City Tower is well positioned to respond to the ongoing demand for top quality space in the city with both of these deals demonstrating the depth of appeal on offer at the scheme.”
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