Archive
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WeWork commits to Dalton Place, Manchester
OBI announced WeWork has taken a lease on the whole of Dalton Place, John Dalton Street, Manchester for its third location in the city. The collaborative workspace company will take the whole seven floors of the building, plus the ground floor (76,164 sq ft).
Dalton Place is the first self-contained building WeWork has taken in Manchester city centre. It comprises seven floors of workspace, ground floor reception, basement car parking over two levels for 53 cars and bicycle storage, and changing facilities.
The building was purchased by Tesco Pension Fund from Crown Estate in 2015. OBI project managed the comprehensive CAT A refurbishment project, designed by Cartwright Pickard and advised on the disposal to WeWork. Savills was joint leasing advisor.
WeWork will now under take its own internal fit-out and it is expected Dalton Place will open in spring.
David Russell-Smith, Fund Manager from Tesco Pension Fund, said: “The fact WeWork has chosen Dalton Place as the site for its first self-contained building in Manchester is a testament to the quality of the refurbishment we have delivered and the strength of the location. Co-working is a key emerging theme within the office market, and we are thrilled to be partnering on this building with WeWork, who are clearly at the forefront of this rapidly evolving sector. Manchester continues to be an important target market for us, and we are seeking further opportunities in the city.”
Richard Lace, transactions and asset management, OBI said: “OBI has been involved with Dalton Place since 2015 when the building was acquired, providing purchase advice alongside John Miles & Co. We know the building inside out, having gone on to project manage the refurbishment and this in-depth knowledge has been essential in us being able to provide WeWork with all the technical information it needed to make a quick and informed decision on acquiring the building.”
Mary Finnigan, Head of Transactions, WeWork Europe said: “We’re thrilled to be announcing our third location in Manchester with such a vast and beautifully refurbished building as Dalton Place, our first lease of an entire building in Manchester. When we look for new locations, we’re always thinking about our members and providing locations that are well connected; Dalton Place is located in between our two current locations, No.1 Spinningfields and St. Peter’s Square – as well as local shops and amenities – so we know that our many members from all three buildings can collaborate, network and spend time in the surrounding area.
“Forty five percent of WeWork member companies say that WeWork helped accelerate their growth, and we know that this location will be incredibly beneficial for them, as it is in such a thriving part of the city. We are looking forward to moving into the building next year.”
This news was published by Manchester Evening News and Place North West.
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Mixenden tower block given new lease of life
The completion of the transformation of Calder Rise, the tower block formerly known as Dodge Holme Court, was marked on Monday by a visit to the building by Councillor Daniel Sutherland, Cabinet Member for Planning, Housing and Environment at Calderdale Council. The 96 one and two bedroom flats in the building have been completed transformed by owners Sterling Properties and are available to rent.
Sterling Properties has invested £3.5 million completely renovating the flats and communal space, including the installation of a sprinkler system to every flat and the communal area.
Matthew Settle, director, Sterling Properties said: “We are delighted to have completed the transformation of Calder Rise and brought new life to the building. We have invested considerably into the building to create some fantastic new homes and meeting all legislation as well as installing a new sprinkler system to all of the flats and communal areas.
“The flats are available to rent and they have already proved very popular, we’ve even had a few former residents come back to the building.”
Calderdale Council’s Cabinet Member for Planning, Housing and Environment, Cllr Daniel Sutherland, said: ‘It is wonderful to see the tower block refurbished and that the developers have created decent homes at an affordable price. We welcome the decision they have made to install sprinklers and make resident safety a priority.
‘We’re committed increasing the number of options for people to own or rent properties, as well as regenerating our local areas. This investment is a boost for Calderdale and is a positive step in our plans for the picturesque village of Mixenden.”
This news story was featured in Halifax Courier.
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Manchester City Centre building 26 Cross Street fully let
OBI announced the historic 21,500 sq ft 26 Cross Street is now fully let, following on from OBI leasing the final office suite of 1,351 sq ft to Bank of Ireland.
Located in the St Ann’s conversation area, the Grade A boutique office building provides contemporary work space with high level specification including air-conditioning, fully accessible raised floors and shower facilities to each floor.
OBI is sole leasing agent on behalf of owner Quay Estate Co and advised them earlier this year on the purchase of the building for £11.5 million representing a yield of 5.5%.
Following Quay Estate Co’s acquisition of 26 Cross Street, OBI has concluded four new lettings and has increased the headline rent from £22.50 per sq ft up to the final letting of £32.00 per sq ft.
OBI has secured four new deals including Republic of Media moving from its existing office into a full floor, and three new tenants; Bank of Ireland, Walker Smith Global and GDP Funding.
Debbie Meredith, Transactions and Asset Management, OBI, said: “It is great to be able to announce 26 Cross is fully let and we are pleased to welcome further new tenants into the building, increase the rents and add real value to the building. It is testament to what a great space 26 Cross Street is, with its Grade A specification embracing the original character of the building and combined with its contemporary finishes only adds to its success. The building has continued to attract high quality occupiers from a variety of sectors.”
Other occupants at the building are: Closeview Ltd, Worldwide Tickets, Mayoral UK Ltd, Tosca, Fund Asset Management Ltd, 3D Reid, Henry Boot Developments, Stowe Family Law LLP, Workr Group, GDP Funding and Sainsburys retail who occupy the part ground floor.
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ADVAM in move to Fairbairn Buildings
OBI announced leading world payment solutions business ADVAM has acquired the 3,035 sq ft first floor of the Fairbairn Buildings, 70-72 Sackville Street, Manchester on a ten year lease.
ADVAM, which also has teams and offices in Australia and New Zealand serving its global client base in the e-commerce, car parking, airport, shopping centres and self service sectors, is relocating its Manchester office from Jutland House in the Northern Quarter.
ADVAM was attracted to the strong character of the recently refurbished Fairbairn Buildings, which feature restored original timber beams, cast iron columns, exposed original brickwork paired with modern industrial lighting and generous windows providing lots of natural light.
OBI represented ADVAM on its relocation, and is designing and project managing the fit-out for the new work space.
Graham Shopland, Operations Director, ADVAM said: “We are delighted to be moving to the Fairbairn Buildings. We love the period features and loft style feel of the space and we are looking forward to moving into the new premises in November”.
Andrew Cowell, transactions and asset management, OBI said: “It has been great to work with ADVAM on this relocation and Fairbairn Building’s offers great character space for their business. Our work place design team has created a workspace that will provide them with different types of working, allow their teams to collaborate and work closely together to be successful and I am looking forward to seeing the completed fit out.”
St Bride’s Cities LLP is owner of Fairbairn Buildings and was represented by joint leasing agents Cushman & Wakefield and Edwards & Co.
This news story was featured in The Business Desk and Insider Media.
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Landmark Space commits to Chancery Place, Manchester
OBI announced serviced office provider Landmark Space has renewed its commitment to Chancery Place, 50 Brown Street, by agreeing a new ten year lease on the 7,792 sq ft tenth floor.
Landmark Space also operates on the fifth and sixth floors of the building, marking its total occupancy at 22,500 sq ft in this well-known building in the heart of the city core. Landmark Space provides a range of serviced office suites, desks and meeting spaces at its business centres across the UK.
John Spencer, chief executive, Landmark Space said: “We have been operating in Chancery Place for the last seven years and it has proved to be a very successful location for us. Manchester has a thriving entrepreneurial business community and we are pleased to be able to support its growth through offering flexible space at our business centres.”
Building landlord NFU Mutual was represented by OBI. Andrew Cowell, transactions and asset management, OBI said: “It is great news to confirm Landmark Space’s commitment to the building and it shows Chancery Place remains one of the best buildings in the city. There continues to be strong occupier demand for this quality of space in Manchester’s core and this is great space within Chancery Place for Landmark to offer to its clients.”
Tom Foley, asset manager, NFU Mutual said: “Chancery Place is a fantastic building and this letting further enforces its standing as a premium asset in the Manchester office market. The letting is a real testament for the building moving forward and I am delighted to secure a high calibre tenant such as Landmark Space for an extended term in central Manchester.
This news story was featured in The Business Desk and Insider Media.