Schroders has announced a new letting at its City Tower scheme in Manchester city centre.
Compass Offices, a leading premium serviced office provider based in Hong Kong, will occupy 9,131 sq. ft. of space on the 13th floor on a ten-year lease at an agreed rent of £21.50 per sq. ft, another new headline rent for the mid-level floors within the building.
With offices in more than 50 locations across 10 countries, the deal marks Compass’ entry into the lucrative UK market as part of the company’s strategic expansion plans.
Tom Newman, Investment Manager at Schroders, said: “Compass is currently the fastest-growing serviced office provider in Asia Pacific. They’re setting a new direction in the industry through superior customer service, their collaborative and transparent approach, and best-in-class IT infrastructure.
“Their offices are always located in strategically selected business addresses in major capitals around the world and we’re delighted they have chosen Manchester and City Tower to set-up their first UK base.”
Scott Shufflebottom of scheme agents Colliers International added: “This deal demonstrates the huge appeal of City Tower and its recognition as a standout building in one of Manchester’s most sought after office locations. Compass has chosen Manchester, and ultimately City Tower, as the perfect place to launch its UK serviced office business because of its central location and quality Grade ‘A’ space which will be a hugely attractive offer to its target occupiers. “
Schroders are currently refurbishing the remaining available space within the building with suites varying from 700 sq ft to single floor plates of 9,000 sq ft.
City Tower’s Grade ‘A’ office space, set across 28 floors, offers the highest available office space outside of London and is home to organisations including Indian outsourcing firm Aegis and Architects, Sheppard Robson.
Since its acquisition last year Schroders has continued to demonstrate its commitment to improving the overall occupier experience at City Tower and is currently undertaking a major refurbishment of the ground floor plaza, the reception and the lift lobbies throughout the building.
Colliers International and CBRE advised Schroders.
