The Lease Consultancy team at CBRE in Manchester has revealed that the Clyde & Co space at Chancery Place is the first to show Grade A rental growth at rent review on an office building within Manchester’s traditional city centre office core since 2007/2008.
The tenant holds separate leases on the 1st, 2nd, 3rd and 4th floors.
Developed in 2008, Chancery Place occupies a unique island site in Manchester City Centre and comprises 106,226 sq ft of Grade A office accommodation which is multi-let over basement, ground and 14 upper floors. The building recorded its highest headline figure in October 2015 at £34 per sq ft.
The specifications of the building are excellent and include an impressive reception area with a 5.6m high ceiling, a four pipe fan-coil air conditioning system, a roof top terrace, four high speed lifts and a Building Energy Management System. The building has also achieved a BREEAM ‘very good’ rating.
CBRE was appointed by NFU Mutual in respect of the August 2015 rent reviews on the Clyde & Co space at Chancery Place.
Fiona Halliwell, Director at CBRE Manchester, said;
“Chancery Place is widely considered to be the best prime, Grade A office building in Manchester’s traditional office core. It is great news for the client that the rent reviews have concluded that the building has shown rental growth from £26 to £28 per square foot and has outperformed competitors in terms of rental growth since 2007/2008.”
David Hidderley, Investment Fund Asset Manager at NFU Mutual, added;
“We are delighted that Chancery Place continues to be the headline maker of Grade A office buildings in the city centre core. It’s a testament to the quality of the building that following last year’s headline deal, we are now seeing rental growth at reviews.”
