Ernst & Young is in talks for a prelet at Allied London’s 1 Spinningfields, potentially unlocking 420,000 sq ft of development in Manchester.
The 19-storey former Quay House, part of the 4.5m sq ft Spinningfields scheme, is the accountancy giant’s preferred option as it looks to move away from Moorfield’s and Oaktree’s Barbirolli Square, where it has occupied around 51,000 sq ft since 1997 (EG 2 November, p38).
Allied is due to submit plans for the 260,000 sq ft 1 Spinningfields at the end of November. If a deal with E&Y for circa 50,000 sq ft goes ahead, Allied will develop the building and speculatively start work on its 160,000 sq ft i+ scheme in March.
E&Y pays around £25 per sq ft at 100 Barbirolli Square. Rents in Spinningfields are around £30 per sq ft.
Trader Media, meanwhile, has shortlisted Allied’s 3 Hardman Square and Ask Development’s First Street for its 60,000 sq ft requirement.
Cushman & Wakefield acts for EY; OBI advises Allied London.
joanna.bourke@estatesgazette.com
