Record rent achieved in the Northern Quarter

17 Jan 2023 | by Charlie Schouten

XLB and Pictet have secured a number of tenants for two offices, 35 Dale Street and Fourways House in Manchester, React News can reveal.

Both buildings in the city’s Northern Quarter, purchased from Helical in 2020 as part of a wider £119m portfolio deal, have attracted new tenants with others also extending their existing terms.

At 35 Dale Street, Couchbase has expanded and extended its lease to take 10,115 sq ft, with Codethink also extending its term on a 15,380 sq ft space. Ear to the Ground, a sports creative agency, has doubled in size and signed a new term on a 7,650 sq ft space, while Faith In Nature, a natural beauty products company, has taken 3,000 sq ft.

At Fourways House, All About Food has taken 4,070 sq ft with AND Digital signing up for around 3,200 sq ft, with a number of smaller suites also let to new occupiers.

Overall, the deals represent more than 50% of the two buildings’ total floor area.

XLB and Pictet have now recorded a record rent for the Northern Quarter at £37.50/sq ft. Fourways House has 5,700 sq ft available with 35 Dale Street offering up to 7,650 sq ft of fully-fitted space, and XLB said there was “very strong interest” in the building’s top floor.

Both buildings are Grade II-listed but offer minimum EPC B on refurbished floors with a BREEAM “In Use” rating of Very Good.

Savills and CBRE are the agents at Fourways House with Savills and Knight Frank the agents on 35 Dale Street.

Last year, XLB and Pictet also secured two significant lettings at the Tootal Buildings, the third office purchased as part of the Helical portfolio deal.

Flexible workspace provider Orega inked a deal for 20,000 sq ft last summer, along with tech recruitment firm Maxwell Bond, which signed a 10-year lease on around 8,200 sq ft.