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CGIs by Revere 3D

Record rent on horizon as last No.1 Spinningfields space released

Space on the 15th and 16th floors at No.1 Spinningfields is to be released this week, having been held back by Allied London for post-completion deals that could set a record rent for the city.

The two floors each total 11,300 sq ft and, apart from a suite of 6,600 sq ft of the third floor being retained for the SME market, are the last spaces to be released. The building was 92% let on its completion in autumn 2017, being sold shortly afterwards for Schroders for a city record in excess of £200m.

ALL Plus has been retained to manage the 19-storey building, where tenants including PwC, Squire Patton Boggs and Browne Jacobson were secured by Allied and its leasing advisor OBI Property. The 20 Stories restaurant operated by D&D London opened this month.

An Allied spokesman said: “We were keen to hold some floorspace back – for us its the best workspace in the city and we want to attract a high calibre of tenant to match it. With the current outstanding mix of tenants, we’re excited to bring more world class businesses to Spinningfields.”

Although no rents are being quoted, agents expect the space to attract Manchester’s largest deals, meaning that the £35/sq ft mark could be passed. The £34/sq ft at which Colliers International signed at Chancery Place in 2015 is currently the highest in the city.

The floors include a business lounge on the 17th floor and will be launched tomorrow.

In the last two buildings to form the Spinningfields estate, Allied London has pushed flexible workspace, attracting coworking operator WeWork to open its first facility outside London at No.1 Spinningfields, as well as opening fintech incubator The Vault at the XYZ Building.

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How is this news? Isn’t it just an advert for Allied’s unlet space, there is no deal mentioned?

By Jason Faversham

Correct Jason! Also amazing how much BS is spouted regarding “record rents” – remember when this same lot issues a press release about breaking the city’s “rent record” for their same client when they got £32/ft2 on a lease rework at 3 Hardman Street? Presumably with a big rent free period or some other silly incentive to eventually get to this “record” number.

By Barry

Only Manchester can achieve these rents.

By Ism

Ism: Pretty sure London could achieve this rents too, if it tries hard

By Town Planner