CMA looks to downsize at One New Bailey

Salford City Council will decide next week whether or not to vary the lease to the Competition and Market Authority for the office block’s fourth floor, enabling the government agency to stay for a further three years but also sublet.

It is understood that CMA is reducing its overall property footprint, with its base in Salford as part of that initiative. The agency said that it was still fully committed to maintaining a presence in Greater Manchester – even if its office was smaller.

CMA took the fourth floor, totalling 17,000 sq ft, in 2023. At the time, CMA had said it wanted to relocate more than 200 staff to Manchester by 2025.

The lease variation will be debated at the city council’s property and regeneration briefing on Monday.

“The re-negotiation of the current lease terms represents a financially and strategically sound course of action for the council in line with the asset management strategy,” a city council report reads.

“By re-gearing the lease, the council has secured more favourable terms by extending occupational certainty which protects the long-term value of the asset within Salford Council’s portfolio.”

The local authority holds a 25-year lease on the 125,000 sq ft One New Bailey, which began in June 2016 when the building was handed over by main contractor Bowmer & Kirkland.

While Salford City Council owns the lease, the building is owned by Legal & General and was developed through the ECF partnership, which comprises L&G, Homes England, and Muse.

One New Bailey has space on its first, second, and third floors available for letting. In addition to CMA, current tenants include Benchmark International, Shiruku, and Freshfields. Cushman & Wakefield and JLL are the agents for the building.

Across the New Bailey campus, there are a series of offices with space available including at Eden, Two New Bailey, and Four New Bailey.