WH Ireland has occupied part of the first floor since 2017. Credit: Place North West

WH Ireland more than halves New Bailey footprint 

The wealth management firm is reducing the size of its office at One New Bailey in Salford from 6,600 sq ft to 3,000 sq ft, having activated a lease break. 

WH Ireland signed a decade-long lease on part of the first floor of Salford City Council’s 125,000 sq ft One New Bailey in 2017. 

Five years on, the company has opted to renegotiate its lease, taking less space and paying more in rent. 

Under the terms of the original lease, WH Ireland was paying £26.66/ sq ft. Having reduced its footprint, the firm will now pay £30/ sq ft, according to a report to Salford City Council’s property and regeneration committee. 

WH Ireland will also pay around £100,000 for work required to subdivide the space. 

Other occupiers within the building, developed by English Cities Fund, include Freshfields Bruckhaus Deringer, which occupies 34,600 sq ft, and Dentsu Aegis Network, which occupies the whole of the second floor. 

Tenants have been reassessing their office requirements since the pandemic brought about a shift to a hybrid model of working. WH Ireland is one of many firms to opt to take less space amid changes to the way we work. 

In 2020, Deloitte drastically reduced its Manchester footprint, relocating from 67,000 sq ft in Spinningfields to 35,000 sq ft at the Hanover Building in NOMA. 

The company has now agreed to take around 43,000 sq ft at 100 Embankment, as first reported by Place North West. 

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Not surprising post Covid with Hybrid working. Will be filled in no time though at New Baily. Great for the council really with higher rent and half the space to rent back out.

By Bob

So much empty office space in the city centre now

By Dan

Oh Dan please stop, you’ve been pushing that one since well before Covid and the amount of new offices built and taken even in that time has increased greatly.Lots of reports out there, including through PNW. all you have to do is read them.

By Cal smate

That’s where BT HQ will be. They are taking a lot of space at new Bailey.

By John P

Agreed Cal’s mate – Dan & Cal are definitely trolling and the same person, posting the same sort of stuff on every article. I wonder if PNW can do anything.

By Anonymous

If you want younger people to work in these city locations rather than work from home your going to have to pay them a lot more money to compensate for the expensive train tickets.

By Anonymous

Expensive train tickets, why where are they coming from?. So many live in the city centre, then there’s the bus..lots of them pass here , tram up the road St Peter’s square, car and bike, electric scooter, pedalo or water taxi if you use the Irwell . Oh and also working for home a couple of days a week. If that doesn’t satisfy them they don’t deserve a job.

By Tom

@Anonymous. . Isn’t the point of Manchester that the young people actually live in the city centre, hence all the flats?

By Harpsicord

I actually work in new Bailey and there isn’t masses of empty office space. Also, I think this working from home thing is overblown. Interestingly I was speaking to 4 people a few weeks back who all have roles that are 100% remote. Three of them were not enjoying their jobs, and what seemed like a good idea at the time, has now become a problem mainly because of the isolation.

All 4 people have started new roles in the last couple of years. I think what most people really want is flexible/hybrid working with maybe a 60/40 or 50/50 split between home and office working. Despite what people think, I believe the office is here to stay,how we use those offices will change, but office working isn’t going to disappear.

By Manc Man

If you want young people to be able to work in these offices you need to pay them enough so they can afford the exorbitant city centre apartment rents.

By Anonymous

Turning point for Manchester now , i live in Salford and trying to sell my property for over three years and a lot of vacant properties in Manchester City centre

By Anonymous

Anonymous 1151, Dan,…no that too is incorrect . It’s all very well having an opinion but if that opinion is based on your own personal bias rather than actual facts and you persist with it in the face if all reason then it becomes as people have already pointed out little more than trolling and you can expect to be called out on it. Reality in the form of actual reports from many professional bodies and who have actually published on PNW fairly recently show the opposite to be the case and there is still a shortage. Also the point of this article was office space which is clearly still very strong not apartments even though they are being built by the thousand. So there’s that.

By Simon

“You need to pay them enough so they can afford the exorbitant city centre rents..” Nobody “needs” to pay you anything but what you time is worth to them. That’s not how capitalism works. It’s up to you to upgrade and add value that people will pay you more for. This is what’s thousands of us who live and work in the city centre do. If I couldn’t afford an apartment here I move to a place I could afford. Would the city centre miss me? not right now because most apartments have enough people chasing them. If they didn’t the rents would could down and I might move back. Capitalism may indeed be the worst of all systems…except for all the others.

By Anonymous

A reminder that personal attacks are against our comments policy. Also, please keep the discussion on topic, which in this case is about a company reducing its office space. Comments that stray from this will be deleted going forward. Also, accusations of trolling have been noted. Thanks. – Julia

By Julia Hatmaker

We’ll said Julia. On a relevant point I will be working here probably from next year if all goes well. Really looking forward to getting back to the city centre. Last time time I was around this part of town The Mark Addy was open and the ploughman’s was legendary! It does look way more impressive now. Pity about the pub though.

By Anonymous

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