Squarestone Asset Management has completed three new lettings at Manchester Green Business Park, near Manchester Airport, securing 20,000 sq ft for regional UK office fund Squarestone Growth.
Squarestone Growth, a high yielding, value-add regional fund, acquired the business park in April 2018 for £21m.
Lettings include 10,500 sq ft to Chiesi Pharmaceuticals, who currently occupy a further 20,000 sq ft on the park, distribution and logistics firm Mainfreight UK who have taken 3,000 sq ft on a 10-year term, and IT support provider BCN who are moving from a nearby property into a bespoke designed 6,500 sq ft Grade A office, also on a 10-year term.
The fully refurbished park, totaling 107,200 sq ft, is in close proximity to Manchester Airport and well connected by road and rail, with on-site car parking provision.
Helping to prioritise tenants’ wellbeing there is ample outdoor provision, with an open green space that tenants can enjoy while easily adhering to social distancing measures.
Squarestone Growth’s strategy is to invest in well located modern business parks, attracting tenants by offering high-quality space, car parking, facilities, and flexible terms at a competitive price.
As investment in the regions continues, Squarestone Growth understands that accessibility is critical to support tenants who are looking to escape the city to find more spacious and cost-effective spaces out of town.
Following the announcement that Squarestone Growth has let more than 100,000 sq ft across its 2.5 million sq ft out-of-town office portfolio between March and July 2020, Manchester Green is another example of Squarestone Asset Management’s strategic approach and ability to transform office parks into sustainable, contemporary workplaces, even during challenging times.
Squarestone Growth has one 3,500 sq ft suite remaining on the park.
Squarestone founding partner, Paul Coulter, said: “Manchester Green is one of the flagship properties of our out-of-town office portfolio and shows that quality is still a core driving factor in the current market.”
“At Squarestone we are committed to building long term relationships with our tenants and are pleased to continue working with existing client Cheisi to expand their space, while also working closely with BCN and Mainfreight to support their business needs.”
“It is increasingly important for companies wanting to get back to the office to ensure the wellbeing of their staff is supported through access to outdoor, green space.”
“Manchester Green offers tenants exactly this, with large, forested garden grounds.”
“Further, we are dedicated to improving the environmental impact of our sites and are continuing to install EV (electric vehicle) charge points, to encourage greener modes of transportation to and from our business parks.”
“By next June, a new amenity pod at Manchester Green will offer an onsite café, gym and a state-of-the-art cycle hub.”
BCN chief executive, Simon Kelf, said: “It has been a hugely successful year for BCN Group with growth surpassing our most ambitious targets. To accommodate this growth, which shows no signs of slowing down as we move towards 2021, we need to take on even larger premises.”
“Squarestone Growth has been invaluable in terms of sourcing the right premises for us and helping manage the technology-first fit-out of the building to make sure that it meets our needs and requirements.”
“The fit-out, which is being done by Amspec, is now under way and we look forward to moving into our new home by the end of the year.”
Heather Mc Coll, HR and support services director at Chiesi, said: “We moved to Manchester Green more than five years ago now, as it offered versatile office accommodation which we could adapt to our needs.”
“The location, close to the motorway, road, rail and air networks, meant it was very attractive to us, plus our staff readily adapted to the new, spacious site, with designated car parking, which still benefited from good local amenities and community.”
“Further, we have taken an additional floor in the neighbouring building, to develop a bespoke meeting room suite, again incorporating our sustainability objectives, green energy, lighting, and facilities, without having to travel further afield.”
“We have been supported in our endeavours by Squarestone Growth, who shares our sustainability values and agreed to our investment in electric car charging points, recycling stations on the business park and by ensuring green energy was utilised in the shared spaces, not just our own.”
BCN was advised by OBI and Squarestone by Canning O’Neil.