Savills has let the ground floor of Moorland Property Solutions’ Ibis House to energy asset management firm CD Arevon UK, as agents report a steady improvement in the local market amid the pandemic.
The agent secured a 10-year lease at £16.50/sq ft for the 3,182 sq ft space at Ibis House. The building offers around 6,000 sq ft across two floors, which as part of the 2019 refurbishment project, were divided into four studios of roughly equal size.
With Arevon, which manages gas emissions from 36 landfill sites across the UK, taking Studios A and B on the ground floor, just one studio remains available.
Daniel Barnes, associate director in the office agency team at Savills, said: “This is another good result for Ibis House with Arevon’s commitment to the ground floor, following Maris Seafoods taking part of the first.
“In spite of the current economic uncertainties, the recent investment into Ibis House and its excellent location continues to hold appeal.”
In additions, Barnes told Place North West, enquiries for Warrington as a whole are up in recent weeks: “We’ve definitely had more in the last two weeks than normal.
“Also, for the whole sub-5,000 sq ft market, the number of people wanting to look at locations other than Manchester is up, they’d normally be outnumbered tenfold by people wanting to consider only the city centre.”
Vince Sandwell, managing director of BE Group, also said Warrington offices have held firm this year. He said: “Q1 was really strong, with around 90,000 sq ft transacted, which compares well to 245,000 sq ft in all of 2019. That gave us a good grounding, but the market shut down with the rest of the economy in April.
“A couple of deals did drop out at the smaller end of the market, where you suspect there isn’t as much confidence. At the larger end, things have been picked up, with a couple of big deals around – we’ve got one in legals for 11,000 sq ft.
“The market’s coming back – the volume of enquiries isn’t as high [as before], but the ones we’re speaking with are really good quality, people serious about moving. It’s not as good as it could be, but not as bad as many people feared.”