The two parties have come together with the aim of seeing a building called ‘Landmark’ turned into 13-storeys and several hundred thousand square feet of high-quality office space available to rent in Manchester.
Landmark sits on the site of what was until a decade or so ago an Odeon cinema complex in Manchester city centre and it is adjacent to St Peter’s Square, much of which is currently being redeveloped.
Planning permission for turning Landmark into available office space has already been granted, although there are no concrete plans as yet for development work to get underway on a speculative basis. Nonetheless, Hines has made clear its intention to commit to the project and its satisfaction at having agreed the terms of a joint venture with Manchester & Manchester Metropolitan Properties.
“We have been looking at opportunities in Manchester for some time and are delighted to have finally secured such a prime city centre site,” explained Hines director Anthony Leonard.
“Availability of quality office space will become scarce and, with few new buildings under construction, we believe there is a tremendous opportunity in Manchester to deliver new Class A space.”
Hines UK has commercial property development projects either ongoing or in the pipeline with an overall value estimated to be in excess of £750 million, including several in central London and two in Birmingham.
The property analyst firm GVA recently released a report suggesting that Manchester and other cities across the UK might soon be faced with an acute shortage of Grade-A office space to rent unless action is taken to increase supplies.
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Editor’s Notes: In 2023, the 180,000 square foot BREEAM ‘Excellent’ office building is well let due to its great position just steps from St Peter’s Square tram hub, the high levels of natural light, achieving WiredScore ‘Platinum’ accreditation, being Well-enabled, the Smart building management system, as well as many other sought after features.
Tenants of the property include HSBC who, via a corporate managed office agreement, have taken space with flexible workspace provider Hana which is now part of the international workspace operator group Industrious.
Other high-profile tenants of the building include Allianz Insurance which leased 10,883 sqft, Grant Thornton which rented 13,219 sqft of office space, Santander, Starling Bank, and international commercial real estate advisory firm, JLL. In February 2019, the commercial property agent agreed to the first pre-let deal agreeing to rent 13,896 sqft on the 10th floor, when the property completed in 2020.
In April 2023, there was 69,316 sqft available to rent with suites available to accommodate requirements from 13,143 sqft. Quoting rent was thought to be above £35 per sqft depending on the floor.
For those seeking a smaller amount of space, the Hana by Industrious space allows companies to rent office space by the desk.
The space also offers coworking desks, private and serviced office suites, meeting rooms and collaboration zones.
As opposed to renting office space on a traditional lease, the workspace is available on low-commitment short-term contracts with all-inclusive pricing.