Manchester has clinched two major office requirements – one from the Inland Revenue and a second from a blue chip company – totalling more than 315,000 sq ft (29,263m2), writes David Sands.
This week the tax office invited tenders for a massive rationalisation operation in the city. It is currently spread around a number of buildings in Greater Manchester, plus a smaller one in nearby Stockport.
The Inland Revenue said that it needed up to 250,000 sq ft (23,225m2) in Manchester city centre, while staff in Stockport will occupy a further 50,000 sq ft (4,645m2) of space.
According to Inland Revenue principal property manager at Property Holdings, Mick Fairs: “We have 2,150 staff to relocate and we are leaving it up to the tenderers under the Private Finance Initiative to decide how we break it down. The Manchester city-centre requirement could be in the form of two buildings or one.”
Fairs added that no new schemes or refurbishment projects have yet been shortlisted as preferred options. The likely rent would be in the £16 to £22 per sq ft (£171.84 to £236.28m2) bracket, depending on whether the chosen scheme is in the prime core.
In Stockport ,£16.50 per sq ft (£177.21 per m2) is the top quoting rent, but good space has recently gone on the market at £14 per sq ft (£150.36 per m2). Chesterton is advising the Inland Revenue.
Meanwhile, St Quintin confirmed that it was advising the blue chip company, but explained that, as discussions were at a very early stage, the agency would not name it.
