Posted 5 May, 2017 OBI NEWS
Following the purchase of Arthur House, Chorlton Street, Manchester, Drum Income Plus REIT (DRIP REIT) has received planning permission and has commenced the refurbishment of the building. Comprising 26,375 sq ft of office space over six floors DRIP REIT is investing £1 million into the building, refurbishing the fourth floor (4,664 sq ft), and remodelling the reception in addition to replacing the glazing on the six storey building.
OBI Property is acting as lead consultant for DRIP REIT providing interior design, project management, asset management and lease advisory services.
Ahead of the refurbishment works DRIP REIT completed lease renewals to Midas Investment Management Limited. The company occupies 2,632 sq ft over part 1st and 2nd floors at Arthur House.
Tony Gee and Partners LLP has also committed to a long-term lease. The company, which provides specialist engineering consultancy services to the worldwide construction industry, has expanded and will move from 2,968 sq ft of office space on the 6th floor at Arthur House to newly refurbished office space on the 4th floor comprising 3,971 sq ft.
Debbie Meredith, Transactions and Asset Management, OBI Property said: “DRIP REIT is committed to investing in Arthur House and building long lasting relationships with the current occupiers. It is great to see commitment from a number of occupiers who have been in the building a number of years. Discussions are underway with several companies who are also renewing their leases within the building. The refurbishment taking place will provide a great place to work and will no doubt attract a number of new occupiers into the building “.
Bryan Sherriff, Managing Director, DREIM, Investment Adviser to DRIP REIT commented “We are working closely with OBI Property to enhance Arthur House, we want to create a vibrant building which will be attractive to new and existing occupiers. We look forward to completing the project in the next few months.”