Archive: Oct 2017
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42-44 Fountain Street, Manchester sold
OBI Property has announced the sale of 42-44 Fountain Street, Manchester to BMO Real Estate Partners. OBI Property, along with CBRE, advised building owners The Wakefield Property Partnership who are represented by Leeds based Wilton Developments on the redevelopment and asset management of the property.
The six upper floors of office accommodation are let to Rentalcars.com and the ground floor unit is currently being marketed for leisure use. The seven-storey building comprises 24,750 sq ft and was sold for £9.86 million representing a yield of 5.75%.
Jason Stowe, managing director, Wilton Developments said: “We initially acquired the building with the residue of a long lease, we identified the building was suitable for a comprehensive refurbishment and reimagining which we have undertaken on behalf of Wakefield Property Partnership. We are pleased with the results which have been further endorsed by the swift letting to Rentalcars.com and the investment sale to BMO which we are announcing today.”
Will Lewis, transactions and asset management, OBI Property said: “We are delighted to complete the journey with our clients on this asset and the exit price confirms the strong level of investor demand for prime Manchester city centre buildings. This transaction represents how OBI Property create significant value for our clients – we acquired the building six years ago, undertook the dilapidations negotiations with the former tenant, provided interior design input and fully leased the building prior to completion of the works. It has been great to apply the OBI Difference having been involved at all stages from acquisition through to disposal.”
BMO Real Estate was represented by Jonathan Brown of Capita on the deal.
This news was published by Insider.
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OBI Property to transform Express Building, Ancoats, Manchester
OBI Property has announced a Listed Building application has been submitted to Manchester City Council to transform and fully refurbish the 81,000 sq ft Grade II* Listed Express Building, Great Ancoats Street, Manchester.
Originally designed by Sir Owen Williams and built specifically for the Express newspaper in 1939, the planned multi-million pound refurbishment of Express Building is being led by OBI Property and designed by Ben Adams Architects Ltd.
The internal floors will be stripped out and the original architecture celebrated throughout the building. The reception will be completely redesigned and a cut-out will be introduced at ground floor with a new spiral staircase linking the ground and first floors. The existing atrium will be remodelled to introduce floating meeting pods and a new mezzanine floor will be installed on the sixth floor.
James Bostock, building consultancy, OBI Property said: “Express Building is a Manchester landmark and it is incredibly exciting to be involved in breathing a new lease of life into the well-know and much loved building. Our intention is to raise the bar in Manchester; combining efficient, super connected workspace, with unrivalled occupier amenities in one of the most dynamic areas of the city centre.”
Richard Lace, transactions and asset management, OBI Property said: “When completed Express Building will provide forward thinking, contemporary workspace that respects the character of this iconic property. It will be aimed at occupiers from a wide range of sectors, including those who are part of the thriving digital and tech scene.”
The project team includes:
- Project Management, Cost Consultant, Contract Administrator, Principal Designer – OBI Property.
- Leasing Agent – OBI Property.
- Architect – Ben Adams Architects.
- Structural Engineer – Tier Consult.
- M&E Consultant – Zerum.
- Planning Consultant – Zerum.
- Heritage Consultant – Stephen Levrant Heritage Architecture.
This news was published by The Business Desk and Insider.
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Two join OBI Property building consultancy team
OBI Property has announced Martin Gizzie and Chris Howson have joined its building consultancy team, taking it to 7 people. OBI Property now employs a team of x across the whole business
Martin and Chris will primarily assist the building consultancy team on project management contract administration and dilapidation projects.
Martin has a great deal of experience having project managed many large schemes and building refurbishments. A chartered commercial building surveyor, Martin has been in the industry since 2001. He spent the last 16 months with WYG Group as an associate director. Previous to that, Martin spent 12 years working for Bruntwood.
Martin said: “I am excited to join the team at OBI Property. I admire the passion OBI demonstrates through the projects it delivers. I look forward to putting my experience and skills to good use.”
Chris, who has a master’s degree in Building Surveying from Sheffield Hallam University, previously spent four years with Gray Scanlan Hill in Manchester. He is working on several Manchester based refurbishment projects for OBI Property’s landlord and occupier clients.
Chris said: “I am thrilled to join OBI Property I look forward to pursuing exciting projects with the team and further develop their already extensive service.”
Dominic Horridge, director, OBI Property said: “I am delighted to announce the two new members to our team. At OBI Property, we are ambitious and driven by our passion to deliver innovative solutions for our clients. Martin and Chris will be a great fit for the company and will further strengthening our existing team.”
This news was published by Place North West.
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e3creative expands at Queens House, Manchester
OBI Property, the letting agent for the landlord CBRE Global Investors, has announced integrated digital agency e3creative has expanded its workspace in Queens House, Manchester. The company which originally acquired 3,300 sq ft on the 4th floor of the building, is now doubling its space and has taken the 5th floor on a ten-year lease.
e3creative was based in the Boardwalk, Knott Mill before moving into Queens House last year, following the refurbishment of the building by OBI Property on behalf of CBRE Global Investors.
John Clark, director, CBRE Global Investors said: “We are delighted e3creative are expanding to the 5th floor after less than a year with us at Queens house.”
Jake Welsh, managing director and founder, e3creative said: “Queens House has proved to be an excellent location for us. The whole look and feel of the building provides a fantastic working environment for our growing team.”
Andrew Cowell, transactions and asset management team, OBI Property, said: “It is great news that e3creative is expanding within Queens House so soon after taking occupation. We are pleased to know that they are happy with the service we have provided.”
This news was published by Manchester Evening News.
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New tenant and renewals at One Marsden Street, Manchester
OBI Property has announced Gerald Eve has renewed its lease on 3,500 sq ft of space and ABN AMRO has taken 2,500 sq ft on the fourth floor of One Marsden Street, Manchester M2 1HW. Both deals are ten year leases with breaks at year five.
OBI Property acted on behalf of building owner, the Standard Life Investments UK Real Estate Fund, and the deals come just a few weeks after Cushman & Wakefield renewed its lease on the second and third floors of the building. Another occupier recently expanded on the first floor, adding 4,300 sq ft to the space it already occupies on the sixth and seventh floors.
Andrew Cowell, transactions and asset management, OBI Property said: “Demand for workspace in prime buildings and in central locations in Manchester city centre like One Marsden Street remains very strong. We had a lot of interest in the building and it is great to see new occupiers as well as existing ones expanding.”
ABN AMRO, is relocating from Anchorage, Salford Quays into the city centre to support the growth of its business in Manchester. The company was advised by Aston Rose.
Deborah Bell, Commercial Director, ABN AMRO said: “We’re delighted to be moving into One Marsden Street, its prime central location is spot on for our team, clients and introducer partners.”
Property consultants Gerald Eve is expanding its space in One Marsden Street and acted for themselves on the deal.
This news was published by Insider.