Developer secures government occupier for Wigan office site

Liverpool-based developer Caro has secured a prime public sector covenant for one of its office investments.

The company acquired the 12,000 square foot Mesnes House in the centre of Wigan last year from Rathbone, which had formerly used it as a training centre.

Caro acquired it with vacant possession and secured a pre-let to the Department of Work and Pensions.

The tenant has undertaken a full refurbishment of the three storey block, which will be ready for occupation early in the new year, as part of an investment that will see the government agency create 50 jobs.

Caro managing director, Neil Carlyle, said: “We acquired the building because we could see that the local market was lacking in sufficient good quality space and this satisfying pre-let supports our analysis.”

Mesnes House, which is opposite Mesnes Park on the corner of Bridgeman Terrace, has been let on a five-year lease at a rent of £120,000 per annum.

The Government agency will occupy the entire building once fit-out is complete.

Mr Carlyle added: “Our strategy is to add to our investment stock to further underpin our balance sheet and we are on the lookout for more opportunities of this type.

“There are numerous strong secondary markets like Wigan that are overlooked, and we have the firepower to deliver good quality stock to them.”

Caro was represented by Andrew Owen of Worthington Owen. Brabners provided legal counsel to the developer. The DWP was represented by Toby Nield of LSH.