On behalf of private clients, Riddelltps acquired Mansfield Chambers, a prominent, Grade II Listed office building, situated on St Ann’s Square in the heart of Manchester City Centre.
Riddelltps identified an opportunity to add value through key asset management initiatives and during our clients’ ownership we have successfully completed the following:-
- On purchase the ground floor retail unit was unoccupied but held on lease by W H Smith plc. Terms were negotiated for an early surrender of the lease, subject to a reverse premium payable by the tenant, which completed simultaneously with a new lease to Whitbread plc.
This secured a higher rent on a new longer lease. To facilitate the new lease we managed a successful change of use planning consent and agreed a new lease with Orange plc who had previously been a sub-tenant in the past.
- Despite completing a new lease which was to trade as a TGI Friday, Whitbread did not fit out and subsequently sold their TGI concept. Consequently, we successful attracted and agreed new lease terms with Barclays plc to relocate into the building. The new lease was completed simultaneously with a surrender of the Whitbread plc lease with a significant reverse premium payable.
- The lease to Barclays provided a new longer term at an increased rent.
- The tenant spent over £1m in their fit out which provides their new retail banking format.
- Re-gearing four leases on the office space, securing income for a longer term certain at higher rents.
- Managed a £80,000 office suite refurbishment, within budget, to provide modern space yet retaining the original characteristics of this impressive Grade II Listed building.
- Managed the refurbishment of the common areas, improving the overall appearance and marketability of the building.
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