Nike takes Cheadle Royal office building

Nike plc, the international sportswear brand, has signed a new 10-year lease at Lakeside 5000 in Cheadle Royal, South Manchester.

The sports giant has taken 37,456 sq ft at a rental of £18.50/sq ft from landlord Phoenix Life. Lakeside 5000 was originally built by Muse Developments in 2003 and has been vacant since completion.

Agents on the deal, LSH and DTZ, said it was "the largest letting of existing space in South Manchester for a number of years".

David Thwaites of LSH said: "A deal like this shows that despite the economy occupiers are still looking for space."

Andrew Gardiner of DTZ commented: "This is an excellent deal for Cheadle Royal and proves that high quality buildings remain resilient in all economic conditions."

The move will see Nike plc relocate staff from its Umbro subsidiary to larger, more modern premises on Cheadle Royal. Umbro announced plans earlier this week to double the size of its business on Cheadle Royal, where it already employs 230 people.

Nike acquired Umbro at the start of 2008.