P3 Property Consultants Latest News. http://www.p3propertyconsultants.com/ Copyright, p3 property consultants llp The Manchester Office Agents’ Forum (MOAF) has announced the results of Office take-up for 2011. Whilst take-up is down from 2010 and also dips below the 10 yr average, there were a number of high spots and the agent group’s view is that the city market has shown remarkable resilience in the worst trading conditions many have known in a working lifetime. In the South Manchester out of town Office market take-up held steady with a slight improvement on the previous year’s total with the area around Manchester Airport emerging as an activity ‘hotspot’. Office lettings and sales in Manchester City centre during 2011 totalled approx 700,000 sq ft compared with 1.32m sq ft during 2010 and the ten year running average of approx 900,000 sq ft per annum. The most notable city centre office letting of 2011 was the pre-let agreed with KPMG at One St Peters Square (63,000 sq ft). Other major transactions include Aegis taking space (35,000 sq ft) for their new pan-European customer contact centre at City Tower, solicitor Linder Myers purchase of 55 Spring Gardens (47,500 sq ft) for their own occupation and the letting to London School of Business and Finance at Linley House (25,000 sq ft).  South Manchester’s Office take up was 486,000 sq ft compared with 483,000 sq ft during 2010.  The area surrounding Manchester Airport, which has historically suffered from an over-supply of accommodation, was particularly active seeing a number of major transactions including the Shell taking 30,500 sq ft at Concord, the letting to Simon Carves of 33,000 sq ft at Atlas Business Park and the new 23,000 sq ft Etihad office at Manchester Airport Groups Voyager building. The resilience of the City market is best illustrated by the pre-let to KPMG which has allowed the Greater Manchester Property Venture Fund and JV partners Argent to kick-start their 273,000 sq ft One St Peters Square development. With the remaining 210,000 sq ft the only speculative development outside of the London region, One St Peters Square will provide Manchester with much needed boost to its dwindling Grade ‘A’ office supply pipeline. Another good example of confidence in the underlying fundamentals of the city market was the mid-year launch of NOMA, the Co-operatives 4m sq ft development of its 20 acre estate close to Victoria rail station, which is on site with an initial committed spend of circa £300m on 8 live projects including its own HQ, a new hotel, car park and energy centre, and all associated infrastructure and public realm works. A number of large occupier requirements also emerged during 2011 underpinning confidence in take-up over the next couple of years to the tune of at least 1/2m sq ft, including the likes of Pannone, BUPA and Aviva” Peter Gallagher, partner at Manchester commercial agents p3 property consultants llp and a founding member of MOAF, said: “2010 was a quite exceptional year for occupational activity in the city centre, when the office take-up figures were boosted by several large deals including the 350,000 sq ft pre-let to the Co-operative. It was always going to be a very hard act to follow. 2011 was by contrast largely a year of hard graft and smaller deals. There was a total of 189 separate transactions with 94% of these for space of less than 10,000 sq ft, accounting for almost 61% of the total amount of space taken. This compares with figures of 236 deals in 2010 with 92% of those at less than 10k accounting for 46% of the total. There was also a notable back-end kick to the city market in 2011 with almost twice the number of deals completed in Q4 compared with the first quarter of the year, which indicates a more positive market sentiment going forward. Manchester has proved that in even the most difficult economic circumstances it can still attract world-class inward investment and out-perform any other UK regional city.” MOAF The Manchester Office Agents Forum exists to promote better knowledge of the Manchester City Region office market providing accurate market statistics and informed market commentary. Formed in 2009 its’ current members include CBRE, Canning O’Neill, Colliers International, Cushman & Wakefield, DTZ, Drivers Jonas Deloitte, Edwards & Co, GVA Ltd, Jones Lang LaSalle, Knight Frank, Lambert Smith Hampton, p3 property consultants llp, Savills, WHR, Matthews & Goodman, BNP Paribas and OBI. http://www.p3propertyconsultants.com/latest-news.php?nid=106&year=2012 http://www.p3propertyconsultants.com/latest-news.php?nid=106&year=2012 Fri, 20 Jan 2012 09:00 GMT MAG Developments has instructed Manchester Commercial Property agency p3 property consultants and Jones Lang LaSalle as joint agents to market 16,000-sqft of speculatively converted hybrid business space at its World Freight Terminal, Manchester Airport – following the completion of a £250,000 overhaul. The so-called hybrids comprise a 50-50% split of different uses within the same unit, providing one half industrial warehouse space and the other half high-quality office space. MAG Developments expect a high level of interest in these hybrid units – a 50-50 split is quite rare and there are very few similar, modern spaces, with this ratio of office to industrial space currently available in the wider region. World Freight Terminal is traditionally a popular location because in addition to the benefits being based at an international airport, it is immediately adjacent to junction six of the M56 within a few miles of the M6 and M62, which are important for distribution, storage and logistics companies. An extensive, speculative, strip-out and refurbishment programme to convert the former freight sheds into the new hybrid business units, was completed by Sale-based Preferred Spaces over the late summer and early autumn. Rob Tilley, associate at p3 property consultants, is also upbeat about the letting prospects: “This upgraded and flexible accommodation will appeal to hi-tech freight-forwarders, advanced logistics and mail order businesses – all of whom are attracted by the high levels of security and access to the global marketplace afforded by the airport location; but due to the changing ways in which they operate have perhaps previously been unable to find suitable accommodation at World Freight Terminal.”  The refurbishment works included upgrading roofing, flooring and lighting – whilst the office accommodation, completed to a high specification, has been installed with a revolutionary EcoWorx carpet, which its American manufacturer Shaw Industries states is the first ever and only carpet that is 100% recyclable. The sustainable flooring has a superior strength, stability and thermo performance than traditional carpet tiles and once it reaches the end of its useful life it can be broken down and remanufactured into new carpet, over and over again, rather than going to landfill. Jenny Smith, Property Manager, MAG Developments, said: “We have speculatively created these hybrid units as our research indicates that many SMEs and start-up businesses in the region require modern accommodation; which efficiently enables both the office and warehousing functions to be effectively facilitated in the same premises, as it is key to keeping costs down and maximising the use of space.” Earlier this year, MAG Developments completed another refurbishment project at World Freight Terminal, with a £250,000 investment in 308 Avro Way office building, creating a new flexible office product, with all-inclusive suites also aimed at SMEs and start-up businesses. Located to the west of Manchester Airport at Junction 6 of the M56 motorway, World Freight Terminal (WFT) currently provides 675,000-sqft of warehouse and office accommodation across a 57-acre estate. It is home to around 50 freight-forwarding firms, airline handling agents and transit-shed operators, plus a number of non-aviation related businesses and two budget hotels. MAG Developments is responsible for the management and development of all the commercial property and land at Manchester, East Midlands, Humberside and Bournemouth airports. Part of the Manchester Airports Group (MAG), its £335million portfolio comprises over 200 properties across 5000 acres, serving over more than 850 companies across the four UK airports. MAG Developments is also leading the £650million 'Airport City' project at Manchester Airport - this exciting mixed-used development forms the central core of the newly designated Manchester Airport Enterprise Zone and over the next 10-15 years will deliver five million square feet of new business accommodation. For more information see: www.mag-developments.com 3600 images World Freight Terminal, 8-metre aerial World Freight Terminal, Unit 303 offices World Freight Terminal, Unit 303 warehouse http://www.p3propertyconsultants.com/latest-news.php?nid=105&year=2011 http://www.p3propertyconsultants.com/latest-news.php?nid=105&year=2011 Thu, 01 Dec 2011 09:00 GMT Terrace Hill Group PLC, a leading UK property development and investment group, announces that it has been appointed by fund managers Aberdeen Asset Management, to assist with the redevelopment of 40 Fountain Street in Manchester’s city centre. The new building is expected to provide up to 80,000 sq ft of office space as well as retail/leisure uses at ground floor level. Terrace Hill has instructed a full professional and advisory team to work up proposals for the site, with a view to submitting a planning application for the development early next year. Situated at the junction of Fountain Street and York Street, the prominent island site, which was formerly the head office of the Manchester Oddfellows Friendly Society, benefits from excellent transport links including close proximity to the Metro and the mainline Rail Stations. Commenting on the appointment, Andy Lavin at Terrace Hill, said: “In creating the proposal, whilst we will seek to achieve the highest standard of BREEAM possible, we also aim to ensure that the building will fully respect new market sentiment and will be designed at a price point to appeal to a wide cross section of what we see as the true city centre occupier”. “This appointment further demonstrates our strong development credentials and, having opened an office in Manchester last year, the site represents a good opportunity to strengthen our office-led development portfolio in the region.” Manchester Commercial Property agency p3 property consultants and WHR Property Consultants have been appointed jointly as development consultants and letting agents Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester, managing a commercial development programme and a residential investment portfolio. http://www.p3propertyconsultants.com/latest-news.php?nid=104&year=2011 http://www.p3propertyconsultants.com/latest-news.php?nid=104&year=2011 Tue, 15 Nov 2011 09:00 GMT The first new entirely office led re-development in the city centre for almost three years has been completed at 41 Spring Gardens in Manchester. Designed by Alfred Waterhouse and completed in 1890, 41 Spring Gardens is amongst a string of notable commissions undertaken by the celebrated Victorian architect during the time he was based in the city, which includes major buildings for Manchester University, the Refuge and Prudential; and the gloriously neo-gothic Grade One listed Manchester Town Hall. Now almost a century and a quarter after the original building plans were first deposited, Wirral based freeholders Associated Property Owners have completed a comprehensive redevelopment which sees all the upper floors and ground floor entrance foyer completely stripped back to shell, re-modeled, re-equipped and refurbished to provide approximately 15,500 sq ft of high specification, grade A office space. Nearly 100 guests from the Manchester’s property agency and professional & financial services community gathered at the building on the eve of Armistice Day to witness the re-opening and naming of the building as ‘Waterhouse, 41 Spring Gardens.’ in celebration of one of the most successful of English architects. A donation of £1,000 was also made to the Royal British Legion Poppy Appeal. Bill Saville representing Associated Property Owners said “We are long term investors and despite a background of the worst property market most of us can remember, we were absolutely determined to do the right thing at this building and bring it back to market right at the top end of quality space”. Space will be available for rent in a range of sizes to suit from £23.50 per sq ft. Peter Gallagher, partner at Manchester Commercial Property agency p3 property consultants, is upbeat at the prospects for the building. “Waterhouse occupies an absolutely prime site at the top of King Street, at the very centre of the established business district and still the beating heart of our city. Completion provides high quality offices combining an elegantly contemporary feel with a real touch of classic character, equally suitable for either a whole building ‘own front door’ user, medium sized companies taking a floor or smaller users seeking that highly prestigious part floor suite.” p3 property consultants llp and BNP Paribas are the joint letting agents.  http://www.p3propertyconsultants.com/latest-news.php?nid=103&year=2011 http://www.p3propertyconsultants.com/latest-news.php?nid=103&year=2011 Mon, 14 Nov 2011 09:00 GMT Manchester law firm Pannone has confirmed plans to move from its current Deansgate offices in the spring of 2014. Pannone is working with Manchester Commercial Property agency p3 property consultants llp, to search for new headquarters and a potential second site in the city centre to accommodate up to 95,000 sq ft of office space. Managing Partner Emma Holt said: "We have spent a great deal of time this year finalising our strategic growth plans to position the firm to capitalise on the opportunities in the evolving legal market. Our planned move to new premises is an integral part of the process.  "We will assess our different needs across the business and will match each need with an appropriate response. This may well lead to a two-site solution in the city centre. "We are keeping an open mind, however I think there might just be a really innovative property solution out there that will help us achieve our goals.” Peter Gallagher, partner at p3 property consultants who is advising the executive board, added: “The property solution is an integral part of the business strategy and we will consider both existing buildings and redevelopment opportunities providing they fulfil the business need. "This is an exciting project and if there was a time for a really clever property solution, then this is it." Pannone employs 620 staff across its Deansgate headquarters and offices in Hale, Alderley Edge and London. http://www.p3propertyconsultants.com/latest-news.php?nid=102&year=2011 http://www.p3propertyconsultants.com/latest-news.php?nid=102&year=2011 Sun, 09 Oct 2011 09:00 GMT