Financial services firm undertakes short move to cope with expansion
Financial services firm Praetura will be relocating the short distance from Castlefield to the heart of Manchester after agreeing a deal with Orchard Street Investment Management to occupy space at Bauhaus on Quay Street.
The firm’s 25 staff will be moving into the Bauhaus development, opposite Manchester’s Spinningfields financial district and adjacent to the St John’s Quarter, occupying 5,935 sq ft on a 10-year lease.
The building recently underwent a comprehensive refurbishment, now offering prime Grade A offices at considerable scale with space available totalling 50,000 sq ft.
Facilities and services that have been incorporated into the relaunched nine-storey building include a full tenant concierge service, an exclusive business lounge, co-working spaces, a new cycling and shower hub, 29 secure basement parking spaces and electric vehicle charging points.
Praetura provides equity and debt funding solutions to SMEs, predominantly in the North West of England.
Originally established as Praetura Capital in 2011 by Mike Fletcher, David Foreman and Peadar O’Reilly, Praetura has experienced significant growth over the past eight years, investing more than £100m in North West-based SMEs, growing its loan book to more than £250m.
During this time, the company has also tripled its staff count.
The move to Bauhaus was managed by Orchard Street Investment Management.
Mike Fletcher, Praetura chief executive, said: “After spending eight years in Castlefield and experiencing rapid growth throughout that time, we’re delighted to be moving into bigger offices in the heart of the city.
“The extra space will be vital as we continue to grow our talent base and meet the needs of North West SMEs.”
Sarah O’Connell, asset manager at Orchard Street Investment Management, said: “We are delighted to welcome Praetura as the first occupier in the newly-repositioned Bauhaus so soon after completion of the refurbishment.
“This further supports our conviction to commit significant capital to repositioning the building to provide genuinely unique office space.
“Bauhaus has been redesigned to offer truly occupier-focused office space with an emphasis on service.
“In a world where office occupier expectations are constantly evolving, we have sought to go above and beyond our competition, providing an Occupier Business Lounge, extensive cycle parking and shower facilities, installation of a resilient backbone fibre connection, and concierge service.”
Scott Shufflebottom, associate director at Colliers International, agents on the scheme, added: “Bauhaus is a fantastic development and provides exceptional Grade A office space in a vibrant and exciting area of the city centre.
“Completing this deal so quickly after PC is testament to the level of refurbishment, and the level of additional interest in the building remains strong.”
