DTZ helps Nike dispose of Umbro leases
DTZ acted on behalf of Nike Inc. to dispose of three leases in Manchester which were the legacy of their acquisition and subsequent disposal of the Umbro sports brand.
The buildings, comprising a total of 86,626 sq ft, are Lakeside 5000 and 5400 at Cheadle Royal, and 29-31 Dale Street, Manchester.
The lease for Lakeside 5000 has been assigned to Balfour Beatty, which has amalgamated various south Manchester offices at the site, while the remaining lease at Lakeside 5400 was surrendered to the landlord.
The lease on Dale Street was assigned to Iconix, which acquired the Umbro brand from Nike.
This project is one of a number of assignments that DTZ has handled for Nike.
DTZ office agency director Rob Yates acted on behalf of Nike.
He said Nike was pleased that all three disposals were achieved within five months.
"This needed a lot of hard work and determination by all involved but the result was worth the effort for our client.
"This is a positive reflection on the state of the market and emphasises the shortage of quality product of a certain size in south Manchester."
John Shipman, Europe Real Estate Director with Nike, said: "We are impressed with the persistence and willing attitude shown by Rob Yates and the DTZ team in the pursuit of our objectives as well as his ability to respond positively to the challenges that arose.
"The final results are testimony to the effectiveness of DTZ's approach."
