Co-op offers sublet at Manchester HQ

The Co-op is seeking a tenant to take almost 74,000 sq ft at its Manchester headquarters. The 327,000 sq ft One Angel Square is a purpose-built HQ for Co-op, completed in 2013 and sitting in the NOMA scheme developed by the Co-op and Hermes.  Floors nine to 14 are now being marketed by Avison Young at around £31.75 per sq ft. Rupert Barron, head of the Manchester office agency team at Avison Young, said talks with several potential tenants are already underway.  The move comes as Co-op switches to hybrid working following the pandemic. Stuart Hookins, property director at Co-op, said: “With our hybrid working policy, a significant proportion of colleagues that previously spent four or five days in One Angel Square are now working flexibly, in support of their wellbeing and productivity. Now is the right time to look for others to share this building.” Avison Young’s Barron acknowledged the challenges facing occupiers as working practices shift, but said most will still find a place for a bricks-and-mortar office. “We’re still working through it all and trying to understand what people require,” he added. “Last year, when we went into lockdown, everybody said offices are dead. They aren’t dead. People want to return to offices for a variety of work reasons.” Barron said that the agency has seen a “flight to quality”, with corporates using top-quality space to attract people back into the offices. “I think people need to have quality buildings to come into with all the associated wellbeing facilities, of which Co-op have many,” he said. “They’ve got their own convenience store at the base of the atrium and coffee shops, in-house restaurants – which occupiers in the building will have access to. It’s got outdoor space, particularly at the higher levels. All of the floors that we’re marketing have their own roof terraces.” Over the past 18 months, Avison Young has seen an increased demand for transaction for office spaces of about 5,000 sq ft, Barron said. However, the agency noted that there is also a number of large requirements circulating, including from the public sector, as government functions are moved out of central London. To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @gre_eve Image courtesy of PR