Property firm’s 196 Deansgate site now fully let
CEG’s 196 Deansgate in Manchester is now fully occupied following a string of recent lettings secured by Avison Young and Canning O’Neill.
Challenger bank Distribution Finance Capital has taken 4,786 sq ft on a five-year lease at £24.50 per sq ft, while social media company Daily Feed has signed for 4,073 sq ft on the same terms.
A third letting has seen existing tenant Arrk Group lease an additional 2,645 sq ft, which takes the landmark building, which sits at the junction of Deansgate, Quay Street and Peter Street, to fully occupied.
Distribution Finance has relocated its Manchester staff from Piccadilly House, while Daily Feed has moved from existing offices on nearby Quay Street.
196 Deansgate is a 48,000 sq ft building which has undergone an extensive £3m refurbishment programme.
In May this year CEG obtained planning permission and listed building consent for the conversion of a ground floor retail unit into a restaurant and bar, which saw New York-style Manhatta open its doors in October.
CEG is further demonstrating its commitment to the city with the recent planning application for the £79m regeneration proposals for 20-36 High Street, which will create a new gateway site.
Avison Young associate director, Harry Skinner, said: “196 Deansgate has attracted a wide range of occupiers and these lettings demonstrate strong demand for good quality character space.
“We’ve also seen a significant increase in achieved headline rent following the building refurbishment.”
He added: “The opening of Manhatta has not only enhanced the external appearance of the building, but has added to the wide range of bars and restaurants in the immediate vicinity.”
Greg Lacey, investment manager at CEG, said: “196 Deansgate is in a superb location and it is fantastic to see it now fully occupied.
“Earlier this year we welcomed Farleys Solicitors and Olliers to the building and these new occupiers are great additions.
“We have just started on site with the landlord works for the second Federal Bar and Café in Manchester which will be opening in February/March 2019.”
All tenants were unrepresented.