Apia Regional Office Fund's new leasing strategy aimed at offering smaller office suites on more flexible terms to reflect the market has started to pay off at Sunlight House on Quay Street in Manchester city centre.
Apia, asset managed by Warner Estate Holdings and fund managed by Aviva Investors, secured a new 350 sq ft letting to independent financial advisor Bilal Patel.
Simon Roddam, surveyor in DTZ's Manchester office, jointly marketing the 14-storey building with Canning O'Neill, said: "Sunlight House now offers a new, simple and flexible approach to leasing small offices. With clear occupational costs and a short form lease agreement, small businesses now have a much more simple and streamlined option when choosing to relocate."
Bilal Patel signed a three-year lease for an undisclosed rent. Quoting rents at the building vary from £13.50/sq ft to £16.50/sq ft. Sunlight House totals 130,000 sq ft and is around 70% occupied.
Charlie Royle, asset manager for Warner Estate Holdings, said: "We are very pleased to sign our first tenancy agreement on the new flexible lease structure. The lease enables small businesses the ability to view an office suite one week and occupy it the next, which is key to the innovative asset management strategy that has been developed for Sunlight House."
Sunlight House currently has small suites available in the building from 335 sq ft to 1,711 sq ft. Apia completed a £3m refurbishment of Sunlight House at the start of 2010.