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January 2012 news archive

IM PROPERTIES FULLY LETS 1 THE AVENUE

 

IM Properties has let the last remaining space of its landmark Manchester city centre building, 1 The Avenue.

The property specialist has signed a 15-year lease with independent investment manager Brewin Dolphin for 7,756 sq ft on the fourth floor.

This latest deal means 1 The Avenue has become fully occupied within just nine months. Other companies in the building include national law firm McGrigors, occupying 11,000 sq ft over two floors, and leading communications and hosted IT provider Outsourcery, which has signed a 10 year lease for a 7,500 sq ft office. Emporio Armani and restaurant Australasia also have units on the ground floor.

IM Properties took  ownership of the building  at the start of 2011. The property is an iconic cantilever structure situated at the gateway to the Spinningfields development on Deansgate. It was awarded the prestigious Best Commercial Office Space accolade at the regional 2010 British Council for Offices (BCO) Awards.

John Hammond, Investment Manager at IM Properties, said: “This letting to Brewin Dolphin and the other prestigious commercial, retail and leisure tenants demonstrates that demand still exists for high quality space like 1 The Avenue.

“To fill the building in just nine months is a ringing endorsement of our specialism in property investment.”

William Thomson, Head of the Brewin Dolphin Manchester office, said: “We are delighted with the new premises for our expanding Manchester office. We spent a long time searching for the right building which would reflect the size of our operation in Manchester and provide the right environment in which to meet our clients. We look forward to establishing ourselves as part of the Spinningfields community.”

Will Lewis, Offices Partner of OBI Property who advised IM Properties, commented: “Although take up in Manchester during 2011 is significantly below the five year average, 1 The Avenue has achieved the highest rents in the city and occupiers have committed to long leases. It is Manchester’s most iconic office building and is ideally located at the gateway entrance to Spinningfields”.