Manchester office agents, Canning O’Neill are pleased to report the Salford Quays office scheme, Exchange Quay acquired by Hunter Real Estate Investment Managers in November 2013 on behalf of a North American investor has completed a £10m investment programme at the 433,637 sq ft office development.
The programme included upgrading the six office buildings, an extensive remodel of the public realm and a range of new occupier facilities including a Post Office and Costa Coffee. The investment supplies the North West with new Grade A office space in an office market which is experiencing a shortage of quality offices in key locations.
In the last twelve months Exchange Quay has been attracting a variety of new tenants including 3M, First Central Insurance, Chase DeVere, North West Employers, The Environment Consultancy and Wurth Electronics totalling c. 65,000 sq ft and anticipates even stronger interest now that the refurbishment works are complete.
Jeremy Birkett-Jones, investment director at Hunter, said; “Right from the outset we recognised the immense potential in Exchange Quay, which was once regarded as the ‘Canary Wharf of the north’.
“It was clear to us that such a prestigious scheme in an unrivalled location in the north west would respond to a dedicated investment programme to modernise the office accommodation and create a whole new environment.
“We have engaged with all the relevant local bodies and worked closely with our design, site and agency teams since the acquisition to ensure that the finished product matches the market demand and this has already been confirmed in the initial lettings we have secured prior to completion of the works.”
James Evans, director of office agency at Savills, said: “The Grade A offices at Exchange Quay are hitting the North West office market at just the right time, as occupier confidence has returned and supply is diminishing.
“The transformation has been about so much more than just the office suites, it has addressed the key factor on occupiers’ wish lists – the provision of the right environment for staff and visitors.
“This, coupled with the accessibility via road and public transport in addition to extensive on-site car parking, has culminated in a very exciting opportunity for the regional office market.”
Exchange Quay’s six office buildings range from 26,151 sq ft to 116,684 sq ft. Grade A / fully refurbished offices can be provided from 800 sq ft to whole floors of 12,300 sq ft. Building 4 is available as a whole and totals 94,000 sq ft and Buildings 3 & 7 both total 25,000 sq ft and offer self contained building solutions.