Orchard Street secures Bauhaus letting on wellbeing strategy
A second tenant has signed terms at the 50,000 sq ft office building on Quay Street in Manchester, after its owner Orchard Street Investment completed a roof terrace as part of plans to enhance occupier wellbeing amid shifting demand.
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Real estate investment manager Orchard Street has agreed a deal with Simplisafe, a US-based security systems firm, for the latter to take part of the fourth floor on a five-year lease. Until recently, only the eighth floor at Bauhaus was let, after financial services company Praetura Ventures took 6,000 sq ft last April.
Orchard Street hopes that the nine-storey building, overlooking developer Allied London’s Manchester Goods Yard scheme and in the shadow of No.1 Spinningfields, will be awarded a gold standard ‘WELL’ certification, a tool designed to measure how a building performs in promoting the wellbeing of those who use it.
Last year, contractor Ardmac carried out a £5m refurbishment including co-working space on the ground floor.
Now, work on a roof garden, designed by Exterior Architecture, has completed.
A £5m refurbishment of the block completed last year
The space provides outdoor seating that can be used as breakout space or for meetings, as well as an area covered by a retractable canopy to be used for outdoor events and activities such as yoga.
“Having the right environment improves productivity,” Dominic Pozzoni, director of Colliers, Bauhaus’ letting agent, told Place North West.
“[Since lockdown], businesses are looking to retain existing staff and employees want to go back to something that is more than just an office.”
Pozzoni said there was strong interest in the remaining 40,000 sq ft at Bauhaus, and predicted that a more holistic approach to offices, including the provision of outdoor space, would become commonplace in the wake of Covid-19.
He added that, following a period of limited activity in the office market, companies are beginning to “revisit their requirements”, with some firms looking to upsize and others to downsize.
Orchard Street bought Bauhaus from investment manager Blackrock for £16m in 2013.
Consultancies CBRE and OBI are the joint agents for the building.
Bauhaus is located next to the former Granada Studios building, which Allied London has permission to convert into a 210-bedroom Mollies Hotel & Diner, one of Soho Group’s brands.
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