Schroder Real Estate has announced that price comparison giant Moneysupermarket Group has signed at No.1 Spinningfields, as part of the continued growth of its technology operations in the North-West.
The UK’s leading price comparison site has taken the 15th and 16th floors in a 22,600 sq ft deal and will be commencing the fit-out on-site in the first half of 2019. The signing brings the building to 98% let and is a new headline rent for the building and for Manchester, as the city continues to attract large scale investment from a diverse range of occupiers and investors alike.
In 2018, MoneySuperMarket Group saved its customers a record £2.1 billion and invested in building out its product engineering capabilities as part of its ‘Reinvent’ strategy to provide more proactive, personalised services to help people monitor, switch and save painlessly on their household bills.
Tim Jones, Chief Information Officer at Moneysupermarket Group, said: “We’re delighted to have signed on the dotted line with Schroders for No, 1 Spinningfields. We’re looking to attract the top engineering talent in Manchester to help us design purpose-driven digital experiences for our customers. With our focus on creativity, collaboration and inclusion, we want to create the best space in the city for innovation – connecting engineering to our customers and also to the local community, through our initiatives to support education and develop an increasingly diverse digital workforce.”
Jourdan Rajwan, Investment Manager, Schroder Real Estate, said:
“This latest signing cements the positioning of No.1 Spinningfields as the top office space in Manchester that appeals to high quality, knowledge-based technology and professional services occupiers.”
The acquisition of No.1 Spinningfields by clients of Schroders in 2017 from Allied London was one of the largest single-asset trades recorded in the region, at c.£200m. Schroders has continued to work with Allied on the transition from a development to a virtually fully let building offering the highest levels of occupational performance.
Currently, the building boasts a wide variety of tenants, including PWC’s regional headquarters, Browne Jacobson, luxury beauty bar The Blowout; co-working platform WeWork; and flagship restaurant and bar 20 Stories.
2018 set a record for office space take-up in Manchester at 1,750,276 sq ft over 314 transactions – driven largely by the tech sector, as global giants Amazon and Booking.com took up 89,449 and 225,000 sq ft respectively.
Jourdan continued: “We are looking forward to welcoming Moneysupermarket Group to No.1 Spinningfields. Our investment in the building and across Manchester is representative of our strategy of investing into “Winning Cities” with assets with strong fundamentals. We see Manchester as a major opportunity for growth and are committed to bringing world-class tenants to the city.”
Michael Ingall, Allied London, Chief Executive, said:
“Moneysupermarket Group is a leader in its industry. Its decision to move to No.1 Spinningfields is representative of the evolving digital presence within the estate. Its base in Manchester, placed perfectly between Spinningfields and St. John’s, will support its growth plans and drive to attract the best digital talent.
“Now 18 months on since No.1 Spinningfields was completed, it’s encouraging to see the building continue to attract occupiers of this high calibre; companies who recognise the digital connectivity and design excellence of No.1.”
OBI Property and Cushman & Wakefield are joint agents on No.1 Spinningfields.
Norton Rose advised Schroder Real Estate on the deal.