Stagecoach makes big stop at £145m Stockport Exchange
Muse Developments and Stockport Council have completed a lease with bus operator Stagecoach to take three floors at the recently completed One Stockport Exchange, which will relocate about 200 staff to the building.
Stagecoach has signed up to a 15-year lease for 33,000sq ft at the recently completed 50,000sq ft, BREEAM Excellent office building at the heart of Stockport Exchange.
The company – Britain’s biggest bus operator – plans to relocate the staff from its existing Stockport base and elsewhere in the country to the new offices by the end of the year.
National developer and urban regeneration specialist Muse is delivering the £145m Stockport Exchange regeneration scheme, next to Stockport train station, in partnership with Stockport Council.
A further letting for the remaining office space is currently in legals and a Sainsbury’s Local is now open on the ground floor.
Local coffee shop operator Cafelito has recently leased the remaining 2,400 sq ft ground floor unit and is set to open soon.
One Stockport Exchange is part of the second phase of development at the scheme, which has also delivered a 115-bed Holiday Inn Express and new pedestrianised public space, creating a new attractive gateway to the town centre.
The road layout in the area has also been reconfigured improving access to the station, providing a dedicated drop-off facility and a new taxi rank.
Mark Haberfield, managing director of Stagecoach Services, said: “As our business requirements have expanded over the years, we have outgrown our current offices so it is great to have found suitable premises in Stockport.
“The new offices will provide a better working environment for staff, improved facilities and an environment which is better suited to the needs of our business.”
Wes Erlam, development director at Muse, said: “This letting is great news for Stockport Exchange and the wider town centre.
“We’re looking forward to welcoming Stagecoach to the scheme, where they will be able to take advantage of the excellent location, transport links and nearby amenities.
“The development has already physically transformed the area next to the train station and these lettings, along with the Holiday Inn Express and Sainsbury’s Local, will really put Stockport Exchange on the map as the town’s newest, most exciting commercial district.
“We are in advanced discussions to lease the final floor of the offices which would result in a fully let building only six months after completion.”
Cllr Kate Butler, Stockport Council’s executive member for economy and regeneration, said: “This is a major vote of confidence in Stockport from a major employer in the Borough. I am pleased to see Stagecoach reaffirming that Stockport is a great place to base businesses for both employees and employers.
“More than this, it marks a major milestone for the Stockport Exchange redevelopment, which is now at near full occupancy.”
The flagship development at Stockport Exchange is part of a £1bn investment programme currently underway across Stockport. The council’s ambitious “Investing in Stockport” work is transforming the town, building on its strengths and making it even more successful for the future.
The scheme will ultimately deliver up to 375,000sq ft of office space and 28,000 q ft of commercial floor space. The first phase of the scheme – a 1,000 space multi-storey car park operated by NCP – was completed in 2014.
Cushman & Wakefield and CBRE are appointed as joint agents for the scheme, which is designed by Aedas RHWL. Peter Grant of Montagu Evans acted on behalf of Stagecoach during the transaction.
