Colliers breaks through rent ceiling in big move

PROPERTY company Colliers International has agreed to relocate to Chancery Place in Manchester from its current home on Marsden Street, setting a new headline rent for the city at £34 per sq ft.

The deal with NFU Mutual Insurance Society sees the 12th floor of Chancery Place let, with the building now reaching 100% occupancy.

Colliers says its new base is strategically located fronting Brown Street within the King Street conservation area in the heart of Manchester’s traditional core.

“Chancery Place provides ‘best in class’ Grade A office accommodation across 14 floors,” a statement said.

The building is home to tenants such as: Kyocera, Clyde & Co, HSB Engineering, Clearwater Finance and QBE.

Colliers will relocate its 45-strong Manchester team by the end of the year, taking 7,786sq ft at Chancery Place on a 10-year lease.

David Hidderley of NFU Mutual Insurance Society said: “As a prime core office building in the heart the Manchester city centre, we had a great deal of interest in the remaining space at Chancery Place and I am delighted to be able to announce Colliers International as the final occupier, completing occupancy for the building.

“This is a landmark deal for Manchester and it is testament to the quality of the space and the prime location of the building that we were able to achieve a new headline rent for the city.

“This deal further underlines Manchester’s standing as a top performing regional market in the UK and we believe it is only the beginning of the story in terms of rental growth for Manchester city centre.”
 
Michael Hawkins of Colliers International, said: “We were so pleased to work with NFU Mutual to acquire what we believe to be the best floorspace within Manchester’s best building.

“It is in a location which is at the epicentre of the Northern Powerhouse’s capital city.

“We wanted to attain the highest quality environment to match the calibre of our staff and Chancery Place provides that in spades.”

Will Kennon, director of CBRE, who represented NFU Mutual, added: “Chancery Place is a unique proposition in Manchester, and whilst other development is under way elsewhere in the city, there is no other development either planned or under-construction which will provide any competition to the unique 7,500sq ft floor plates offered at Chancery Place.”

Colliers represented itself in the deal. CBRE and OBI acted for NFU Mutual Insurance Society.