Henry Boot secures letting to Arcadis
Henry Boot PLC's property arm, HBD, has secured Arcadis as a new tenant at its £66 million GDV development, Island, in Manchester, with Arcadis taking the entire first floor of 10,300 sq ft on a 10-year lease at a headline rent of £48 per sq ft. This deal brings the building to 66% leased, with only three floors remaining, and follows Virgin Media O2's 46,000 sq ft pre-let. The development, which boasts net zero carbon credentials and high sustainability ratings, is attracting significant interest for its remaining 30,000 sq ft of prime workspace.
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Henry Boot announces that HBD, the group's property investment and development arm, has secured Arcadis as the latest occupier at its JV scheme with Greater Manchester Pension Fund, Island, a premium £66m GDV (our share £33m) development located in Manchester's Central Business District.
Arcadis has taken the entire 10,300 sq ft first floor on a 10-year lease and has agreed a new headline rent for Manchester city centre of £48 per sq ft. Arcadis will relocate 350 employees who are currently based in two separate offices in the city into the new space. Island is also home to Virgin Media O2, which signed a 46,000 sq ft pre-let on a 10-year lease and is now fully operational.
Including the ground floor retail space that is currently under offer, the building is now 66% leased, with only three floors comprising a total of 30,000 sq ft available and receiving strong interest from a range of potential occupiers.
Island provides 91,000 sq ft of prime workspace across nine floors, as well as a roof garden and ground floor retail and café space. The net zero carbon building has achieved an array of top end sustainability credentials, including BREEAM Excellent, an EPC A rating and a 5* NABERS Independent Design Review rating.
Tim Roberts, CEO at Henry Boot, commented: "Securing Arcadis at Island while setting a new rental level for the city centre is another strong endorsement of the quality of the scheme and the continued demand for, as well as limited supply of, best-in-class workspace in central Manchester. With its prime location, strong sustainability credentials and high-quality amenity offer, Island is attracting leading occupiers, and we are encouraged by the interest we continue to see in the remaining space."
Rob Sale and Mike Richardson, Manchester Office Directors at Arcadis, commented: "As a global consultancy, it's essential that our workplace reflects the same commitment to net zero, climate resilience and rigorous ESG standards that we deliver for our clients. Island's smart infrastructure and integrated sustainability technologies will help us advance our ambitious environmental goals. In addition, its exceptional communal and flexible spaces are designed to foster creativity, connectivity and wellbeing among our teams, clients and partners. This move not only supports our people but also demonstrates our ongoing investment in Manchester's future".
Jonathan Stanlake at CBRE, property advisors to GMPF, added: "This represents another excellent addition to the Island community and leaves just three floors remaining, with strong interest in the remaining space. As a fund that prides itself on identifying and investing in opportunities that support employment creation and economic growth in the North-West region, we are delighted to be welcoming Arcadis as it enters its next phase of expansion in Manchester."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.