BT ties up 175,000 sq ft New Bailey deal
The telecommunications giant has signed a 20-year lease on the whole of English Cities Fund’s planned 10-storey Four New Bailey in Salford, in the biggest office letting in the North West this year.
BT was originally looking for 200,000 sq ft at Four New Bailey, designed by Make Architects, but scaled back its requirement to 175,000 sq ft on Covid.
Subsequently, developer ECF submitted a revised application in September, skimming two storeys off its original plans for a 12-storey building, in response to BT’s reassessment of its requirements across the country.
Four New Bailey is to be the latest office building at ECF’s mixed-use New Bailey scheme.
While BT’s Salford deal has survived the market uncertainty of the pandemic, the firm’s additional searches for office space in Liverpool and Sheffield have been put on hold for the foreseeable future, Place North West revealed last week.
Phil Mayall, regional director of English Cities Fund, said: “This announcement has been many months in the making and we’ve been busy behind the scenes making sure that Four New Bailey will address BT’s needs, while also becoming one of the most visually striking commercial developments in the city.
“This letting is a significant mark of confidence in what we’re achieving here at New Bailey and we’re positive for the future as we continue to bring life, diversity and culture into this area of the city.”
Having signed the lease, BT plans to move staff into the New Bailey office from late 2023. Work is expected to start on site at Four New Bailey later in the year.
Graeme Paton, BT’s managing director of property and facilities services, said: “Our new building will bring our people together in an impressive and modern environment, transforming the way we work.”
Chris Mulcahy, director at agency JLL, which acted on behalf of BT, said: “This is a real confidence boost for the city, for jobs and the office market generally, from such a major occupier committing to so much space. It is great news to get this over the line particularly at this time.
“This letting will be one of the largest office deals done this year in the regions.”
Cushman and Wakefield and JLL are the joint lettings agents on New Bailey.
The ECF consortium comprises Muse Developments, Legal & General and Homes England.
Love this design. Simpson ‘boring generic rubbish’ Haugh take note!
By Steve
No coincidence that BT just withdrawn plans to take large office space in Liverpool pall mall development!
By George
But scaled down in Liverpool. They are definitely moving jobs out of the city.
By Bob Dawson
They definitely are moving jobs out of Liverpool and centralising more on Manchester, but a lot of the larger companies are so you can’t really blame them. I think there may be a new office in Liverpool announced some time in the future but it will significantly smaller as this one is designed to take up to 2000 people and BT will force people to travel.
By Anonymous
A shame the old Mark Addy [pub] won’t be around to benefit. Still I don’t suppose beer and large wedges of cheese and pate are on the menu of contemporary office workers.
By ChesneyT
Didn’t Place NW say the size was 150k last week? How big is it?
By George
Liverpool sold short again.
By Michael McDonut
Why is it that Manchester just wins and Liverpool doesn’t? (At least they’re not sore losers I guess..!)
By Cheshire boy
Wow. What an insult to Liverpool
By David
I think the powers that be simply dont like Liverpool.
By L5 alive
Sarah, sorry to be pedantic but you definitely said 150k last week not the actual size that was 175k?
By George
I really like the multi-story carpark look of this one. Reminds me of birmingham.
By Fish
I wonder if these jazzed up exteriors will just look quite tired and gimmicky in a few years, whereas the two buildings at embankment will look classier.
By Rich X
It looks like they’ve put a cage around a horrific 1970s office block!
By Clare
Looks good and good to know there is confidence still in the city and this will join the many other corporations setting up in Manchester. Wonder why they cancelled Liverpool’s though?
By Anonymous
This whole area is coming along nicely and what a great confidence boost for the city
By Anonymous