Schroders appoints OBI for Manchester’s City Tower

Schroders has appointed OBI to be the real estate consultant and joint leasing agent for one of Manchester’s largest commercial towers.

More than 70 tenants are currently based inside City Tower, the 615,429 sq ft mixed-use Piccadilly Gardens-based scheme. These include Starbucks, Hays Recruitment, M&S Food and the Ministry of Justice.

The three-acre City Tower site boasts office, retail, leisure and hotel accommodation, as well as 456 car parking spaces. The asset is owned as part of a joint venture between Schroder UK Real Estate Fund, Schroder Real Estate Investment Trust and Immobillen Europa Direkt.

Commercial real estate consultancy OBI will focus on working with the existing tenants and marketing the remaining office space within City Tower. There is space available to satisfy requirements from 2,000 sq ft up to 50,000 sq ft, offering a variety of both fitted-out and open-plan spaces.

Rob Cosslett, Deputy Fund Manager of Schroder UK Real Estate Fund, said:
“We are delighted to work with OBI as we enter a new era at City Tower. We are continuing to invest in the asset with further plans for development alongside a robust tenant engagement strategy.

“A number of tenants have signed new contracts at City Tower and we look forward to working with OBI on progressing the wider building strategy and leasing the remaining vacant space.”

Will Lewis, co-founder of OBI which also has recently expanded into Leeds, said: “The OBI team is excited to work with Schroders on this landmark asset.

“City Tower offers exceptional accommodation to potential occupiers which has very much been reflected through recent lease renewals and lengthened commitment by current occupiers. The workspace represents excellent value with some of the space available at rents in the low £20s per sq ft.

“Schroders has significantly enhanced the asset since purchasing it in May 2014 and we are delighted to be working on their behalf.”

Founded in 2010 by Will Lewis and Dominic Horridge, OBI is nearing its 10-year anniversary. OBI’s landlord and occupier clients include Schroders, Bruntwood, Property Alliance Group, Morson Group, AO.com and The Hut Group (THG).

OBI provides advice to clients in both Manchester and Leeds across its multi-discipline services, which include leasing and investment, office acquisitions, building consultancy, business relocations, interior design, project management and dilapidations.