Double lettings boost for City Tower
SCHRODERS has announced two new high-profile lettings at City Tower in Manchester city centre achieving new headline rents of £25 per sq ft.
Energy procurement services provider LG Energy (LGE) has taken 3,549sq ft on a 10-year lease.
The deal marks LGE’s first office in the city centre and follows the opening of an office in Malaysia last month as part of expansion plans to target Asian Energy markets.
Cloud payment service provider Access Pay has also taken 2,759 sq ft on the 22nd floor on a six-year lease.
The deals follow on from the announcement that Schroders is shortly to commence a major refurbishment of the ground floor atrium and reception area along with a rolling lift lobby and office floor refurbishment programme designed by ID: SR, the design arm of Sheppard Robson.
The refurbishment will transform the entrance and reception area into a multifunctional environment, offering both professional and social facilities.
It will also include some of the remaining vacant office space with a rolling programme to upgrade the communal lobby and toilet areas too.
The mixed-use scheme comprises 350,000sq ft of Grade A office space over 28 floors, which offers the highest available office space outside of London and is home to organisations including Indian outsourcing firm Aegis and recruitment specialist Hays.
Investment Manager at Schroders Tom Newman said: “City Tower is well positioned to respond to the ongoing demand for top quality space in the city with both of these deals demonstrating the depth of appeal on offer at the scheme.”
Scott Shufflebottom of Colliers International, agents on the scheme, added: “These are both significant transactions and will complement the existing tenant mix at City Tower.
“The fact that LGE is a new entrant into the city centre and has chosen City Tower as its home is testament to the overall offer the asset provides and recognition that Schroders has made a commitment to invest and improve the asset since their acquisition.”
