Direct Property News

November 6, 2015

Hong Kong’s Compass Office picks Manchester for first UK base

Source: Manchester Evening News A Hong Kong-based serviced office provider has picked Manchester as its first base in the UK. Compass Offices will take 9,131 sq ft at City Tower, owned by Schroders. It will occupy space on the 13th floor of the building on a 10-year lease at £21.50 per sq ft, which is a new headline rent for the mid-level floors within the building. With offices in more than 50 locations across 10 countries, the deal marks Compass’ entry into the UK market as part of the company’s expansion plans. Tom Newman, investment manager at Schroders, said: “Compass is currently the fastest-growing serviced office provider in Asia Pacific. “They’re setting a new direction in…
November 6, 2015

Manchester on brink of building boom

Source: Manchester Evening News Manchester could be on the brink of a building boom as plans for more than 10,000 central Manchester rental flats move closer to development. Data from Deloitte Real Estate suggests that 10,000 private rented sector (PRS) flats are due to be built in Manchester. The surge in development is prompted by investment by pension funds, insurance companies and private businesses who think PRS is the next big property investment opportunity. Up to £30bn is said to be ready to invest in PRS, according to the British Property Federation. Investors and developers hope that city residents will prefer to rent from well-organised professional landlords, rather than buy their own flats, or rent from…
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