Commercial Property News

Our magazines are published bi-monthly with in-depth features and news for the commercial property industry. On this page we have the latest news to keep you constantly updated on the market. On the left hand side of the page you can search our archived news which is stored monthly.



Wednesday, July 01, 2023

Forsyth Business Centres win Manchester contract

Forsyth Business Centres' management contracts division has pulled off a coup by winning a contract to take over and run a key Manchester serviced office facility.

The Yorkshire headquartered Forsyth Business Centres fought off stiff competition to secure 31,000 sq ft of serviced office space in Manchester's The Triangle. Forsyth's prompt action has helped secure the futures of 27 businesses operating within the centre who faced uncertainty due to the problems enveloping pervious operator MLS.

Forsyth, part of Kevin McCabe's global property specialist, Scarborough Group International Limited, has taken over management of the prime-site offices in Exchange Square on behalf of the landlord, Aviva Investors.

This is Forsyth's inaugural move into the city but only the latest in a string of takeovers from MLS following similar moves in Yorkshire and Southern England.

It confirms the company's ambitious £200m expansion plans to open business centres across the UK and Europe.

The Triangle management contract for the property sees Forsyth managing offices for 420 workstations over five storeys and maintaining the accommodation and services for the existing tenants including Memplex, ADCS, Financial Claims Bureau, Thomson Reuters, Symatrix and Engage.

David Harrop, finance director at Forsyth Business Centres, said: "Forsyth has moved quickly to win the tender, structure an innovative deal and get on site, securing a good outcome for all parties. The win underlines our undoubted track record as an operator and our ability to quickly deliver effective solutions for landlords and occupiers facing uncertainty over their buildings.

"This is a strategically important move for Forsyth and its first acquisition in Manchester. As a result we are in a position to offer security to the existing businesses in this property. The base for dozens of businesses will be saved and hundreds of jobs secured.

"The management contract deal reinforces how well respected Forsyth is and how we can solve landlord's property problems. Yet again we have stepped in at short notice and been able to offer specialist business support for the landlord and provide the best serviced office provision to tenants."

Paul Smith from King Sturge who represented Aviva Investors' property portfolio in the negotiation said: "It is great news that this deal has gone through; Forsyth, King Sturge and Aviva have worked together diligently to allow the business centre to continue to function. After a period of uncertainty this deal means that all the occupiers can now plan for the future with confidence in one of the best office locations in Manchester".

The Triangle occupies a prime position fronting Exchange Square, an island site dominating the heart of Manchester's new Millennium Quarter, and provides an exciting retail, office and leisure destination in a unique landmark building. The accommodation combines the traditional elegance of an historic building with high quality finishes in a modern office space.

Management of The Triangle builds on Forsyth's continuing UK expansion which has seen the company recently open new serviced offices in Leeds, Darlington, Hemel Hempstead, Tunbridge Wells and Gelderd Point in Leeds.

Forsyth's expansion capitalises on current economic conditions, which make it prohibitive for many companies to tie into long term leases. Its broad portfolio of serviced offices now spans the UK and emerging Asian markets.