Schroders adds to City Tower team with agent appointment

Schroders has appointed Cushman & Wakefield as joint leasing agent on City Tower, Piccadilly, Manchester.

City Tower is owned in a joint venture held between Schroder Real Estate Investment Trust – the actively-managed UK REIT, Schroder UK Real Estate Fund – and Immobilien Europa Direkt.

The mixed-use scheme comprises 615,429 sq ft of office, retail, leisure and hotel accommodation and 456 car parking spaces across three acres.

The property is let to more than 70 tenants including the National Institute for Health & Care Excellence (NICE), the Ministry of Justice, The University of Law, M&S Food, Starbucks and Hays Specialist Recruitment.

Schroders received planning permission for the redevelopment of the podium level space in 2018.

Plans for the project will see the 2,645 sq ft space transformed to create a new, co-working offering and external terrace for existing tenants.

The podium level will also provide indoor and outdoor event space, with a focus on creating a health, mindfulness and wellbeing centre and offering business networking and private function opportunities.

Cushman & Wakefield will focus on marketing the remaining office space within the tower alongside joint agents Edwards & Co.

Office space is available to satisfy requirements from 1,500 sq ft up to 50,000 sq ft.

Rob Yates, head of North West office agency at Cushman & Wakefield, said: “City Tower has a major presence in Manchester city centre.

“We are delighted to have this opportunity to work on this landmark instruction for Schroders with their existing team.

“The plans to enhance the current offering are very exciting and this presents a major opportunity to enhance the scheme marketing.

“The building offers highly attractive accommodation to a market which currently is facing a severe shortage of quality supply.”

Rob Cosslett, investment manager at Schroder Real Estate, said: “We are continuing to invest in the asset both aesthetically and experientially with further plans for development alongside a robust tenant engagement strategy.”

Schroders acquired City Tower in 2014 and has since undertaken a capital expenditure programme to enhance the reception, central mall area, common parts and vacant office space, capitalising on a shortage of good quality refurbished office accommodation in the city centre.

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