Investec and Rensburg Sheppards set for Spinningfields
SOUTH African bank Investec is to vacate its current premises at Property Alliance Group’s Pinnacle Building and to share a new 10,000 sq ft office at 3 Hardman Street in Allied London’s Spinningfields complex with Rensburg Sheppards.
The move follows Investec’s acquisition of Rensburg Sheppard, which was announced back in March. Investec had already owned 47% of the investment management firm, but took control of the remainder in a deal which valued the firm at £417m.
Manchester was the only city outside of London where both firms had an office, and Rensburg Sheppard’s investment director John Simpson told TheBusinessDesk.com that since it had already been looking to relocate from its base at Ralli Courts near Central Salford station, it made sense to combine the entire operation at the same time.
“We’d been talking about a move for well over a year as our lease runs out at Ralli Courts in the early part of 2011,” said Simpson.
The firm expects to complete its move in November. Around 16 people from Investec’s offices will join a similar number from Rensburg Sheppard in the second floor space, which Simpson said gives the combined organisation plenty of scope for expansion. He added that the move to Spinningfields put it at the heart of Manchester’s financial community.
“We now have some very desirable neighbours,” he said. “Hopefully, we’ll be able to keep the noise down and enjoy some nice chats over the garden fence.”
The deal also means that Investec will vacate the Penthouse suite at The Pinnacle building on King Street, where it agreed to a record rental level of £34.50 per sq ft in 2007. The Pinnacle was developed by Trafford-based Property Alliance Group, which then sold the building on to Legal & General in 2005.
