SPACED out
Proof of the dynamic growth of the serviced office sector is that CBRE has acted for Spaces in leasing the 11,148 sq metres (120,000 sq ft) 125 Deansgate.
Spaces will open there in early 2020, adding to its existing office at Peter House, Oxford Street. The office on Deansgate, which is Grade A, is close to Spinningfields, Selfridges and the Arndale Centre and also has easy access to the Metrolink and railway stations.
Jonathan Cook of CBRE said: “The property offers some of the highest quality accommodation in the city and the latest acquisition by Spaces illustrates the growing demand for flexible workspace here."
Elaine Rossall of JLL said: “Manchester is presently the most mature of the regional cities. Not only was it the first location outside of London to secure WeWork, but over the last five years flex space has increased in the city by just under 350% compared with 210% for London."
Renaissance With the largest office letting of the year of 2,414 sq metres (25,982 sq ft) to the Park Group at Canmoor’s 20 Chapel Street, Liverpool continues its steady commercial renaissance.
The Birkenhead-based company, which will retain its facility at Valley Road Industrial Estate, has been advised by Glenbrook. Park Group’s Ian O’Doherty said: “The relocation of our core business to Liverpool is an important and tangible step towards us delivering the new strategic plan."
Canmoor’s Sam Walker emphasised that the largest office deal this year showed “the appetite for high-quality office accommodation which makes the property 90% cent full."
Another newly refurbished office building at One Temple Square, Liverpool has come onto the market through CBRE and Worthington Owen. The Grade II property has been refurbished by Glenbrook and already has a range of occupiers.
Andrew Byrne of CBRE commented: “One Temple Square is an iconic building in one of the most attractive areas of Liverpool’s business district."
Like other parts of the region, industrials are top of the commercial property sectors in terms of development and demand as illustrated by Network Space’s scheme at Mere Grange, St Helens where the second phase is nearing completion.
The 4,775 sq metres (51,400 sq ft) unit is pre-let to a laundry firm, Synergy LMS, on a 25 year lease (unusually long for this time). One of the completed first phase units has been let with four remaining.
Network Space clearly has the ambition to complete the scheme and has planning permission for the final phase of 1,858 sq metres (20,000 sq ft) with completion expected before the end of the year.
Stephen Barnes of Network Space said of the fact that 60% has been let that “this is not only testament to the quality of the accommodation but also the location and our proactive approach."
The development is being developed with Homes England, St Helens Council and Liverpool City Region Combined Regional Authority.
Knowsley is one of the most popular locations in Merseyside for industrial development and here Network Space has completed Element, the second phase of the 9,615 sq metres (103,500 sq ft) speculative Alchemy Business Park.
Barnes said: “This is our fourth self-financed scheme to complete within 12 months, taking the total space to just under 37,160 sq metres.