One New Bailey fully let with Benchmark deal

Developer consortium English Cities Fund has secure the final letting of 3,175 sq ft at the 125,000 sq ft office building at New Bailey in Salford, to mergers and acquisitions firm Benchmark International.

Under the deal, Benchmark will occupy space on the third floor on a 10-year lease. The company said the development was selected due to its location between Manchester’s Spinningfields and Salford Central train station, where many of its team members will be commuting from.

One New Bailey was the first office to be delivered at New Bailey, a mixed-use scheme being delivered by ECF, the joint venture between government body Homes England, fund manager Legal & General, and developer Muse Developments.

The flagship building is occupied in the main by anchor tenant, law firm Freshfields Bruckhaus Deringer, which has five floors totalling 72,000 sq ft.

Other occupiers include media giant Dentsu Aegis Network, recruitment agency Circle Recruitment, lender Shawbrook Bank and recruiter Allegis Group.

Two other offices at New Bailey are under construction – Two New Bailey, which includes 188,000 sq ft, of which 50,000 sq ft is pre-let to law firm Eversheds; and Three New Bailey, a 157,000 sq ft building pre-let to HM Revenue & Customs.

ECF submitted plans last month for the final office at New Bailey, a 12-storey block totalling 293,000 sq ft, tipped to house BT’s long-standing 200,000 sq ft requirement.

Phil Mayall, regional director of ECF, said: “An expanding, ambitious firm such as Benchmark International is a perfect fit for One New Bailey.

“The letting is a positive marker that likeminded businesses are still actively pursuing their growth plans and seeking quality space in well-connected locations, despite these challenging times.”

James Thornton, chief operations officer at Benchmark International, added: “This exciting office development represents another milestone in Benchmark’s commitment to continued growth.

“Despite the challenges of Covid-19, Benchmark has remained fully operational throughout 2020 and continued expanding its talented workforce and making significant business investments, including One New Bailey.”

Benchmark is expected to move into the space by the end of the year.

JLL acted for ECF and was joint agent with Cushman & Wakefield. Benchmark was unrepresented.