City Tower leasing deals demonstrate demand for high quality workspace
Schroders Capital’s real estate asset management team has delivered a series of leasing transactions across the Schroders Capital UK Real Estate Fund’s (SCREF) portfolio of office assets, including its 610,000 sq ft Manchester City Tower site, highlighting continued demand for high quality workspace across the UK.
The team has completed a 10-year lease renewal with the Secretary of State for Housing, Communities and Local Government on its existing 39,960 sq ft of space at City Tower, as well as a three-year revisionary lease with Hays Specialist Recruitment for two floors comprising 18,032 sq ft.
The University of Law has expanded into an additional 9,121 sq ft workspace on a six-year term, taking its total tenancy to 46,535 sq ft across the asset.
Earlier last month, Schroders revealed that four new office lettings were completed to specialist healthcare recruitment business Linq HC, Match Me Car Finance, debt purchase firm Perch Group, and recruitment agency Talentia in deals totalling 6,400 sq ft.
Linq HC took a 2,759 sq ft suite on the 22nd floor, having outgrown a 1,200 sq ft space at One Express Building.
Meanwhile, Match Me Car Finance took 25 workstations across the 12th floor, securing its second space in Manchester city centre just this year, to support its significant growth plans.
Additionally, Perch Group, one of the fastest growing and most ambitious debt purchase, collections, litigation, and reconnection firms in the UK, secured a 1,330 sq ft space on the 26th floor, taking over from Talentia, which has relocated to a larger floorplate within the building.
Located in the centre of Manchester, City Tower benefits from its proximity to both Manchester Piccadilly and Victoria railway stations and offers tenants use of the ‘Sky Lounge’, located on the 28th floor, offering panoramic views from the city’s highest workspace.
The team is also in the process of creating a wellbeing-focused lounge, which will include informal meeting spaces and areas to relax and catch up with clients and colleagues. The space will include a large studio for tenant yoga classes and team fitness sessions.
Eleanor Jukes, Deputy Fund Manager at Schroders Capital, said: “We continue to see opportunities to increase income and value in our office assets in strong locations, as evidenced by our recent leasing activity.
“Through our expert asset management team, we have been able to create high quality workspaces in these regions and have attracted a strong mix of long term multinational and local occupiers, all of which will benefit from our state-of-the-art facilities and exceptional sustainability credentials.
“We will be working alongside our specialist offices team to identify further opportunities across our portfolio to deliver strong returns for our investors.”
