Handelsbanken expands at 101 Barbirolli

After agreeing to take 40,000 sq ft last year, Handelsbanken has expanded its footprint in Manchester’s 101 Barbirolli Square by 11,000 sq ft.

Place North West first revealed the Swedish bank was taking space at the office in February last year, and the move was confirmed in June, with the company agreeing a deal for the first, second, and third floors at a rent of around £30/sq ft.

It has now taken the ground floor taking its footprint in the building to 51,000 sq ft; this leaves three floors remaining at 101 Barbirolli, owned by AEW, totalling 36,000 sq ft.

AEW was advised by Savills and OBI, who are the retained agents on the building. Avison Young advised Handelsbanken.

The building, formerly home to PwC before its move to No1 Spinningfields, was bought by real AEW from Aberdeen Asset Management in 2015 for around £32m.

The Manchester office is part of Handelsbanken’s plan to create a UK subsidiary which will invest in infrastructure, systems, and “further UK-based expertise”, which the bank said would be set up “as a result of Brexit”.

AEW is also undertaking a refurbishment of 101’s sister building, 100 Barbirolli Square, which totals 155,000 sq ft.

Simon Barrett, executive director, head of asset management at AEW, said: “The letting of an additional floor to Handelsbanken is a fantastic endorsement for 101 Barbirolli Square and underlines the attraction of the space we have created as we focus on letting the remaining space at the property.

“Moreover, the fact that the building has reached 60% occupancy within just five months of the refurbishment completing demonstrates the strength of the occupier market in Manchester where there is a shortage of Grade A office space.

“In response to this demand, we are pressing ahead with the refurbishment of the neighboring building at 100 Barbirolli Square, which will see us create a new business hub and also a leisure destination.”