Schroders fills 200,000 sq ft across its office estate
Schroders Capital has struck a flurry of leasing deals across its UK Real Estate Fund’s portfolio of offices, located in Cambridge, Manchester and London.
At One Cambridge Square in Cambridge, new leases span a combined 33,412 sq ft of workspace and 4,199 sq ft of retail space, taking the occupancy of the building to 74%.
Professional services company EY has signed a five-year lease on 9,887 sq ft of workspace, while law firm J A Kemp has taken a 10-year lease on 5,245 sq ft.
Schroders Capital has struck a flurry of leasing deals across its UK Real Estate Fund’s portfolio of offices, located in Cambridge, Manchester and London.
At One Cambridge Square in Cambridge, new leases span a combined 33,412 sq ft of workspace and 4,199 sq ft of retail space, taking the occupancy of the building to 74%.
Professional services company EY has signed a five-year lease on 9,887 sq ft of workspace, while law firm J A Kemp has taken a 10-year lease on 5,245 sq ft.
Flexible office provider Newflex will operate 18,280 sq ft over the next 10 years.
According to market sources, average rent prices agreed for offices at One Cambridge Square were around £57 per sq ft.
Co-op will open a 4,199 sq ft store on the ground floor after signing a 15-year lease.
In Manchester, at the 610,000 sq ft mixed-use City Tower, the University of Law has expanded into an additional 9,121 sq ft workspace on a six-year term, taking their total tenancy to 46,535 sq ft across the asset.
In addition, four new office lettings were completed to healthcare recruitment business Linq HC, Match Me Car Finance, debt purchase firm Perch Group, and recruitment agency Talentia, totalling 6,400 sq ft.
Schroders has also renewed a lease with the Department for Levelling Up, Housing and Communities on its existing 39,960 sq ft of space for a further 10 years and agreed a three-year revisionary lease with Hays Specialist Recruitment for two floors comprising 18,032 sq ft.
Elsewhere, in London, Schroders has agreed lease renewals and a rent review with seven occupiers at AMP House in Croydon for a combined 31,000 sq ft of office and retail space, totalling rents in excess of £800,000 per annum.
The building is located opposite East Croydon Station and Boxpark, and comprises 100,000 sq ft of office space.
The deals come amid a refurbishment programme across the building, including the introduction of tenant app S:Connect, to better service office occupier needs.
Eleanor Jukes, deputy fund manager at Schroders Capital, said: “We continue to see opportunities to increase income and value in our office assets in strong locations. Cambridge, Croydon, and Manchester are at the forefront of innovation and education, and we consider these ‘winning cities’ that are well positioned to benefit from long-term structural trends and demographic change, attracting talent and businesses.”
Photo © Schroders Capital
