Biggest inward investment deal sealed at business estate

SOME 43,000sq ft of space has been let at the Towers estate in Didsbury, South Manchester in the largest inward investment deal in the area in 2015/16.

Swiss agribusiness Syngenta has signed a new 10-year lease in Crescent House on the estate for 32,330sq ft.

Lone Star, on behalf of Lone Star Real Estate Fund III along with asset manager Hudson Advisors UK completed the deal.

Lone Star, on behalf of Lone Star Real Estate Fund III, today announces along with asset manager Hudson Advisors UK that it has completed 43,000 sq. ft. of lettings at Towers.
 
Syngenta’s new global operations centre creates 200 jobs and will focus on operational activities associated with procurement, planning, logistics, IT and business services.

CBRE, Edwards & Co and Colliers are the appointed letting agents on Towers and GVA is the managing agent for the estate.
 
Nick Nelson of real estate company Colliers International said: “We have worked closely with MIDAS on bringing Syngenta to Manchester and are delighted to welcome them to Towers.

“This is a significant inward investment deal and reflects Manchester’s increasing recognition as a location of choice as it provides access to a skilled workforce.
 
“Towers has been South Manchester’s leading business location in recent years, with more than 50,000sq ft of new lettings carried out in 2015 alone.

“The South Manchester office market has seen increased rental growth with a general lack of quality stock, in particular d&b stock, other than around the airport.

“Towers is located just in Didsbury and the surrounding abundance of amenities are key to its tenant appeal and success to date. This is reinforced by the Metrolink extension to East Didsbury, which provides a natural extension to the city as opposed to the peripheral locations of standard business parks.”
 
Colin Hardy of Syngenta added: “Syngenta’s new Global Operations Centre in Manchester was chosen following an extensive assessment of possible European locations and increases our investment in the UK economy.

“Manchester’s position in the UK’s emerging northern powerhouse and access to skilled candidates were key factors in our decision making process and we believe our newly assembled workforce will be very happy at Towers.”
 
Meanwhile, existing occupier Cisco has also relocated on the estate. Cisco has taken occupation of Spectrum House, comprising 8,080sq ft, and has signed a new five-year lease.

Spectrum House underwent an extensive remodel as part of the £1.8m investment programme undertaken in 2014. Additionally, a third letting has completed to recruitment firm Hitcher Wakefield for 2,000sq ft on the second floor in The Pavilion.
 
Towers has a surrounding abundance of amenities and comprises eleven office buildings totalling 350,000 sq ft within 20 acres of landscaped parkland, occupied by numerous high-profile tenants such as John Lewis, British Airways, Oracle and Honeywell.