Deal marks new record rent for Spinningfields
CBTax has signed to occupy 5,400 sq ft on the 13th floor of No1 Spinningfields in Manchester and will pay £42.50/sq ft.
It is understood that the deal breaks the record for the highest rent recorded in the Manchester business district, and is only slightly less than the £44/sq ft S&P Global will pay at No1 St Michael’s.
CBTax, a tax consultancy, has signed a 10-year lease within the building, which is managed by Schroders Capital.
Rob Prescott, asset manager at Schroders Capital, said: “[CBTax’s] letting further underscores the attractiveness of actively managed, prime assets and reinforces the teams’ commitment to providing exceptional occupier experience.
“Our goal is not just to generate income, but also to support evolving business needs by delivering a premium experience for occupiers and guests. We welcome CBTax’s move as a testament to our commitment to innovation, occupier satisfaction, and sustainability.”
OBI Property advised on the deal.
Andrew Cowell, part of OBI’s transactions and asset management division, said there had been a “huge amount of interest” in the space ultimately taken by CBTax.
“No.1 Spinningfields remains one of Manchester’s best buildings and most prestigious business addresses.
“CBTax are looking to quickly scale in Manchester, and I am sure that No.1 Spinningfields will be a great asset in attracting the best talent to their business.”
The Manchester office is CBTax’s third. The other two are in Dublin and Northampton.
Chris Beale and Stephen Beale, Founders of CBTax, said: “We’re incredibly excited about CBTax’s expansion into Manchester. We cannot wait to speak with the incredibly talented people who live in and around the city and add them to our already experienced and hard-working team.
“Additionally, being closer to our client base in and around Manchester allows us to enhance our service delivery and deepen our relationships within the business community in the north of England. This move not only signifies our commitment to growth but also reinforces our position as industry leaders in the R&D and accountancy space.”
