THE Co-Operative Group Head Office
Sale and Leaseback
One Angel Square manchester
1
A 25 YEAR,
UNBROKEN
INDEXED LEASE
to one of
the world’s
largest
consumer
co-operatives
One Angel Square Manchester
www.Oneangelsquare.co.uk
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Investment Summary
— Prime office investment located in Manchester city centre
— Substantial island site comprising 1.27 acres (0.51 hectares)
situated at the heart of the NOMA scheme: www.noma53.com
— One Angel Square forms the first phase of NOMA, which comprises
4,000,000 sq ft (371,600 sq m) of mixed-use accommodation
— Iconic corporate head office building providing a total net
internal area of approximately 327,643 sq ft (30,439 sq m)
over basement, lower ground, ground and 14 upper floors
— One Angel Square is due to complete in September 2012
and will be one of the most sustainable buildings in Europe
with a BREEAM rating of ‘Outstanding’
— Highly specified floorplates with excellent natural light
— Freehold
— Securely let to The Co-operative Group Holdings (2011) Limited,
with lease obligations guaranteed by The Co-operative
Group Limited
— 25 year inflation-linked lease expiring in 2037
— 5 yearly upward only rental uplifts to the CPI (Consumer Price
Index), with annual collar and caps of 1.5% and 4% compounded
— Initial rent of £9,000,000 per annum reflecting an average
rent of £26.15 per sq ft (£281.45 per sq m), excluding cars
One Angel Square manchester
www.Oneangelsquare.co.uk
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EXECUTIVE Summary
Location
Tenure
Capital Allowances
One Angel Square is a landmark
head office for The Co-operative
Group. Located within Manchester
city centre, it forms part of NOMA,
the leading next generation
mixed-use development scheme
in the United Kingdom.
Freehold.
It is the Vendor’s intention to
retain all plant and machinery
Capital Allowances.
Tenancy
The property is to be let in its
entirety to The Co-operative Group
Holdings (2011) Limited, guaranteed
by The Co-operative Group Limited,
on full repairing and insuring
terms for a term of 25 years from
September 2012 (Lease expiry 2037).
The tenant will have the right to
extend the lease.
Description
Designed by 3DReid Architects,
One Angel Square is an iconic
new office building, completing
in September 2012.
The property comprises a total
of 327,643 sq ft (30,439 sq m) of
high quality office accommodation
arranged over basement, lower
ground, ground and 14 upper floors.
There are 146 secure car parking
spaces located at basement level,
in addition to 105 bicycle racks
and 23 motorcycle spaces.
Initial Income
VAT
The property is elected for VAT
purposes and therefore VAT will
be payable on the transaction.
Investment Proposal
Offers are invited for the freehold
interest in One Angel Square, subject
to contract and exclusive of VAT.
The initial rent of £9,000,000
per annum, equates to an average
overall rent of £26.15 per sq ft
(£281.45 per sq m) and £3,000
per car space.
Rent Review
The lease provides for 5 yearly
upward only rent reviews based
on the increase in Consumer Price
Index (CPI), which is subject to
a minimum increase of 1.5% per
annum and a maximum increase
of 4% per annum, compounded
over each 5 year review period.
Sustainability
One Angel Square is one of the
most sustainable buildings in
Europe. The building will comprise
the first BREEAM ‘Outstanding’
regional office building in the
UK and will be EPC ‘A’ Rated.
Projected Income Profile
The rent will be inflation indexed to CPI within the following
range during the term of the lease:
Minimum Rent (£)
Years
Maximum Rent (£)
Per Annum
Per sq m
Per sq ft
Per Annum
Per sq m
Per sq ft
1-5
9,000,000
281.45
26.15
9,000,000
281.45
26.15
6-10
9,695,556
303.20
28.17
10,949,876
342.42
31.81
11-15
10,444,867
326.63
30.34
13,322,199
416.61
38.70
16-20
11,252,089
351.87
32.69
16,208,492
506.87
47.09
21-25
12,121,695
379.07
35.22
19,720,108
616.68
57.29
One Angel Square Manchester
www.Oneangelsquare.co.uk
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Contents
Manchester
8
Location/Communications
12
Situation 16
Noma 20
Description
26
Professional Team/warranties
29
Specification
30
Sustainability
32
Accommodation
34
Floor plAns
36
Tenure
38
Tenancy
40
PLANNING AND TAX
41
Covenant
42
Appendices
47
Investment Proposal
54
Contact Information
56
One Angel Square Manchester
www.Oneangelsquare.co.uk
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MANCHESTER – THE UK’S SECOND CITY
THE ECONOMIC AND
CULTURAL CAPITAL
OF THE NORTH-WEST
Manchester is the largest and
fastest growing regional capital
in the UK, generating wealth
equal to that of Leeds, Liverpool
and Sheffield combined. It comes
second only to London both in
business terms and the quality
of its city environment, retail and
leisure amenities. A dynamic series
of public/private partnerships has
delivered an unrivalled track
record of development across
the built environment.
Greater Manchester has a
population of 2.5 million, a welleducated, skilled workforce of
1.3 million and a GDP of £28 billion.
The workforce – 65% of it aged
under 45 – has excellent language,
technical and customer service skills.
The university population is one of
the largest in Europe. These factors
combine to make Manchester an
ideal location for corporates.
— Greater Manchester is the largest commercial
finance centre outside London in terms of venture
capital and corporate finance activity.
— The region has 350,000 employers – the highest
number for UK regional business centres.
— Manchester is rated best city in the UK by the
Economist Intelligence Unit.
— 80 members of FTSE 100 are based in Manchester.
— Over £3 billion committed to major real estate
infrastructure projects in Manchester.
— Rapid access to London and other financial centres
by road, rail and air.
— Status as a cultural centre reinforced by BBC
relocation from London.
— Financial services credentials proven by relocation
of Bank of New York Mellon.
— Readily accessible pool of financial talent, and a
larger labour force within a 60-minute drive-time
than any other comparable city.
80 members
of the ftse 100
are based in
manchester
the bbc’s
recent move
to manchester
marks a
large-scale
decentralisation
from London
LOCAL OCCUPIERS
One Angel Square Manchester
www.Oneangelsquare.co.uk
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MANCHESTER – LIFESTYLE
Cultural And
Creative Centre
Retail and
Leisure Market
Manchester has always been known
for the vitality of its cultural life,
from Barbirolli to Morrissey, from
Lowry to Madchester, and the
capital of the north continues that
tradition in new and established
venues across the city.
Manchester currently sits in fourth
place in the CACI retail rankings,
providing approximately
3,250,000 sq ft (301,925 sq m)
of retail accommodation.
With NOMA delivering 500,000 sq ft
(46,450 sq m) of retail, leisure
and hotel accommodation to the
Manchester market, the city’s
offering continues to strengthen.
NOMA is situated adjacent to
the Manchester Arndale Centre.
With 1.4 million sq ft (130,060 sq m)
of retail floor area and 38 million
visitors annually, the Manchester
Arndale Centre is the UK’s largest
inner city shopping centre and the
most visited in the north-west.
International Sporting
Destinations
The Manchester Arena is Europe’s
busiest indoor concert arena.
The Hallé orchestra thrives in its
architecturally stunning new home,
the Bridgewater Hall, and the
Manchester Camerata plays at the
Royal College of Music.
Manchester’s thirteen theatres
create the UK’s best theatre
repertory scene outside London’s
West End and host top touring
companies at the Royal Exchange
Theatre, Manchester Opera House
and Palace Theatre.
The city centre has a substantial
leisure provision ranging from
mass market bars and restaurants
within The Printworks, through
to destination locations including
Spinningfields, Deansgate, King
Street and The Northern Quarter.
Manchester is recognised the world
over for its sporting achievements
– home to Manchester United,
Manchester City, Bolton Wanderers
and Wigan Athletic football
clubs and in 2002 host of the
Commonwealth Games.
“The thing about
Manchester is
it all comes
from here”
Noel Gallagher
The region’s sporting star is in the
ascendant: recent major sporting
events include the Paralympics
World Cup, the UEFA Cup Final,
the FINA World Swimming
Championships and UCI Track
Cycling World Championship as well
as the BUPA Great Manchester Run.
Manchester has been at the forefront of many social movements:
England’s professional football league, the trade union movement,
the Suffragettes, vegetarianism, and of course it is the birthplace
of the global Co-operative Movement.
3.25 million 21,000
Sq ft of retail accommodation
The Manchester arena is a large indoor arena with a capacity
of 21,000, larger than the 20,000 O2 Arena in London
38 million
Thirteen
Visitors to the Manchester Arndale Centre per annum – the UK’s
largest inner city retail centre
Theatres
One Angel Square Manchester
www.Oneangelsquare.co.uk
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Location/COMMUNICATIONS
Manchester is located in the heart of the United Kingdom, 181 miles
(290 km) north-west of London and benefits from a world class,
multi-modal integrated transport infrastructure that provides fast
and affordable connectivity throughout the conurbation and beyond.
Edinburgh
217 miles (347 km)
Glasgow
215 miles (344 km)
Road
Bus/ Tram
Rail
Air
Manchester has excellent road
links including one of the most
comprehensive motorway networks
in the country with orbital and linear
motorways providing direct access to
Leeds, Liverpool, Sheffield, Glasgow,
Edinburgh, London and Bristol.
The Shudehill Transport Interchange
is situated adjacent to NOMA and
receives buses from Manchester’s
Northern environs and trams heading
to and from Piccadilly Railway Station,
Salford Quays and the affluent South
Manchester suburbs.
Manchester Victoria lies directly
adjacent to NOMA, which together
with the city’s expanding Metrolink
tram service, facilitates easy
commuting. Since its upgrade, the
West Coast Mainline train service
has a reduced journey time to London
Euston of just two hours, with three
trains per hour.
Manchester Airport is located only
5 miles (8 km) to the south-west
of Manchester and is the north’s
only major international gateway
and the UK’s third largest air hub.
The Airport was awarded best UK
Airport 2010 in the business travel
awards and presently it offers routes
to over 225 destinations on all five
continents including 65 flights per
week to the US.
Dublin
Liverpool
34 miles (54 km)
40 miles (64 km)
165 miles (266 km)
Bury
Manchester road network
M66
M62
A627(M)
Leeds
and M1
M62
J18
M61
M60
Preston
and M6
Oldham
Manchester
Salford
J12
M602
London
2hrs 7mins
Abu Dhabi
7hrs 25mins
Edinburgh
3hrs 23mins
Amsterdam
1hr 25mins
Glasgow
3hrs 11mins
Brussels
1hr 30mins
1hr 31mins
Chicago
9hrs 30mins
Dubai
7hrs 50mins
Bristol
2hrs 59mins
Leeds
54mins
Liverpool
47mins
Sheffield
48mins
Sheffield
M62
Liverpool
Warrington
International flight times
Birmingham
J15
J24
M60
M60
Stockport
M67
Source: National Rail.co.uk
Dublin
Chester
Birmingham
Altrincham
M56
J5
Manchester
Airport
1hr
Frankfurt
1hr 40mins
Geneva
1hr 50mins
Milan
2hrs 20mins
Munich
2hrs
New York 8hrs
Paris
Source: Manchester Airport
J3/1
Manchester
Train times from Manchester
1hr 30mins
Leeds
Sheffield
39 miles (62 km)
a world class, Birmingham
multi-modal
Bristol
integrated
transport
infrastructure
83 miles (133 km)
165 miles (264 km)
London
196 miles (314 km)
One Angel Square manchester
www.Oneangelsquare.co.uk
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PICCADILLY
STATION
international
conference
centre
Beetham
TOWER
15
Shudehill
Transport
interchange
selfridges
THE ARNDALE
SHOPPING
CENTRE
THE
PRINTWORKS
One Angel
Square forms
part of NOMA,
the leading
next generation
mixed-use
development
scheme in
the UK
harvey nichols
The National
Football Museum
MANCHESTER
VICTORIA
STATION
ANGEL
MEADOWS
METROLINK
Manchester
Arena
www.Oneangelsquare.co.uk
One Angel Square manchester
Angel Meadows
Residential Quarter
Manchester
Arena
Manchester Victoria
Station
Medieval
Quarter
16
Central
Salford
Lowry
Hotel
Salford
Central
Station
Printworks
Cathedral
Harvey
Nichols
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SITuation
Selfridges
Retail Core
The 20 acre (8.08 hectare) NOMA
scheme is situated between the city
centre’s largest park (Angel Meadows),
its’ main shopping and leisure destination
(the Manchester Arndale Centre and
Exchange Square) and two major transport
hubs (Manchester Victoria Station and
the Shudehill Transport Interchange).
Northern
Quarter
Manchester
Arndale
Centre
Royal
Exchange
One Angel Square is adjacent to
Manchester Victoria railway station
and is prominently situated in the heart
of NOMA, bounded by Miller Street,
Angel Street and Corporation Street.
Construction to narrow Miller Street
and upgrade Angel Street is underway
which will further enhance permeability,
for pedestrians.
House of
Fraser
Piccadilly
Gardens
Law
Courts
Spinningfields
Town
Hall
Manchester
Art Gallery
Left Bank
Great
Northern
Hilton
Hotel
Castlefield
Piccadilly
Gateway
Central
Business Core
China
Town
The
Village
Midland
Hotel
Manchester
Central
Pedestrian access will be provided via an
attractive public realm to the north of
Miller Street, that will integrate One Angel
Square with the wider NOMA scheme.
Piccadilly
Station
Eastern Gateway
Peter’s Fields /
The Conference Quarter
Deansgate
Station
Oxford Road
Station
Higher Education
Precinct
Southern
Gateway
Proposed second City Metrolink Crossing
www.Oneangelsquare.co.uk
One Angel Square manchester
Angel Meadows
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Angel Meadows
Residential
Quarter
Manchester
Arena
1.2 million Visitors
Manchester
Victoria
Station
6.4 million Passengers
rising to 12/14 million
City Buildings Hotel CGI
Chetham’s
School of Music
City
Buildings
Hotel
Medieval Quarter
Angel Square CGI
National
Football
Museum
350,000
Visitors
Printworks
9.4 million Visitors
Cathedral
420 Beds
Northern
Quarter
Triangle
The
Shambles
Shudehill
Transport
Interchange
Crowne Plaza
Hotel &
Holiday Inn Express
Next
Ring Road Traffic flow around the NOMA District
Harvey Nichols
Selfridges
Manchester Arndale Centre
38 million Visitors
M&S
Retail Core
One Angel Square manchester
www.Oneangelsquare.co.uk
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NOMA – The Vision
Computer Generated Image
NOMA –
Manchester’s
sustainable City
Centre district
This vision has been facilitated through the combination of The Co-operative’s
unique land ownership and the application of The Co-operative’s founding
principles of progressive forward-thinking and social responsibility.
Designed by 3DReid, One Angel Square forms the centrepiece
of this £800 million development scheme that will deliver:
2.5 million sq ft
1.0 million sq ft
A key strength of NOMA is that detailed plans for
new build office space can be flexibly implemented
to suit a range of market needs. Refurbished space
will also accommodate prospective occupiers
changing requirements.
NOMA’s residential offer will be for people
from all backgrounds and will be developed
for everyone from families to older people
and those starting out in life.
300,000 sq ft
200,000 sq ft
NOMA will incorporate the city centre’s largest
open green park, Angel Meadows, with a quarter
of the entire site accessible to public. Progressive
architecture with historic buildings will create
a hugely enjoyable shopping experience.
A new cylindrical 14-storey, 176 bed hotel on
the site of the former post office will provide
additional amenity for NOMA visitors with
more hotel space to come.
Prime New/Refurbished Office Space
Retail and Leisure
Residential
Hotel
One Angel Square manchester
www.Oneangelsquare.co.uk
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NOMA – The Implementation
NOMA will deliver aN
integrated DEVELOPMENT
PROGRAMME over the
next ten years
with Phase 2 set to follow,
helping to create a sense of place
within NOMA and provide a
platform for further development
within the next 1-3 years. Further
developments will include a multistorey car park the implementation
of the retail masterplan and further
new build and refurbished office
product. A major part of creating
the infrastructure for Manchester’s
sustainable city centre district has
With planning consent already
granted for a 176 bedroom
4* hotel and restaurant with
construction starting in September
2012 alongside the submission of
a detailed planning application for
a 100,000 sq ft (9,290 sq m) Grade
A office refurbishment, NOMA is
gaining significant momentum.
Phase 1 of the Public Realm will
complete in September 2012
been the re-routing of the city’s
inner ring road along Angel
Street around One Angel Square.
The new road network will
include the narrowing of Miller
Street to two lanes and the
introduction of extensive traffic
calming measures to increase
the prominence of One Angel
Square and thereby knitting the
NOMA district into the fabric of
Manchester city centre.
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One Angel Square manchester
www.Oneangelsquare.co.uk
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NOMA – Infrastructure Investment
NOMA – at the
centre of a major
transformation
of Manchester’s
connectivity
Northern Hub
Manchester
Victoria Station
The Ordsall Chord
Metrolink Second City
Crossing (2CC)
Network Rail and regional
partners are committed to the
Northern Hub scheme that will
create a projected £4.2 billion of
benefits and create an additional
23,000 jobs. The electrification of
the route between Manchester
Victoria and Liverpool Lime Street
is a key part of this project and is
in development at an estimated
cost of £124 million.
The £26 million project to
transform Manchester Victoria
station into a major regional
interchange. Funding has been
secured to substantially redesign
and rebuild the roof, improve
the connectivity to the Manchester
Arena, redesign platform
arrangements to accommodate
increased capacity and provide
an improved retail and leisure
offer. Contractors are now
on-site and the station should
be completed by 2014.
The initial funding of £85 million
has been agreed to directly
connect Manchester Victoria and
Manchester Piccadilly Railway
Stations for the very first time to
allow faster and more frequent
services in the North. This would
see most fast trans-Pennine
services going via Manchester
Victoria as soon as 2016.
In addition to new lines recently
opened to MediaCityUK and
Chorlton, there are proposals
for a further extension from
the Deansgate-Castlefield
stop through to the existing
MetroLink line at Manchester
Victoria station. This will triple
the existing capacity by 2016,
making Metrolink the largest
tram system in the UK. The city
centre will be connected to
Manchester Airport with services
every 12 minutes.
Already located at the centre of excellent transport connections, NOMA is set to benefit
from wider plans. Infrastructure investment could total in excess of £700 million.
GRE
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Journey times to Sheffield, Yorkshire and the North East and west to Chester
Computer Generated Image of the
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Opera
House
Parsonage
Gardens
River
AP
E
R ST
R ST
REET
GE ST
BRID
SPINNINGFIELDS
Up to 700 more trains per day accommodating up to 14 million rail
passengers per annum
CH
NE
VICTORIA B
BLA
CKF
RI A
14 million
Computer Generated Image of Transport for Greater Manchester’s
proposed second Metrolink route across the city centre
Second City Crossing & proposed
new stop location
Existing Metrolink & stop
One Angel Square manchester
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Description
Designed by 3DReid, One Angel Square is
an iconic new office building completing
in September 2012.
The building is of steel and
concrete frame construction
with concrete topping floor slabs,
a double skin glazed façade and
incorporates a series of winter
gardens on floors 2-11 providing
break out spaces and a greatly
enhanced working environment.
The building comprises the
first BREEAM ‘Outstanding’
regional office building in the
UK and comprises a total of
327,643 sq ft (30,439 sq m) of
prime office accommodation
arranged over basement, lower
ground, ground and 14 upper
floors. Typical office floors range
up to approximately 29,000 sq ft
(2,694 sq m) and provide column
free accommodation enabling
maximum occupational
efficiency and flexibility.
The configuration of the cores
permit an extensive range of
options for letting and subdivision from a full floorplate
down to suites of 3,000 sq ft
(279 sq m). Each floor is capable
of sub-division up to six zones.
basement level including
8 accessible spaces, 23 motorbike
spaces and 105 cycle storage
stands. Vehicular access to the
lower ground and basement
levels is via Angel Street.
The building benefits from a
large full height atrium, providing
excellent natural light throughout.
There are 146 parking spaces at
Computer Generated Image of the public realm
One Angel Square Manchester
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PROFESSIONAL TEAM and
CONSTRUCTION WARRANTIES
The cost of construction is approximately
£105 million and the professional team
includes:
Developer___________________________The Co-operative Group
Main Contractor_ ________________________ BAM Construct UK
Architect__________________________________________ 3DReid
Project Management_ __________________ Gardiner & Theobald
Engineering_________________________________ Buro Happold
The benefit of the Vendor’s rights in respect of the construction
contract and professional appointments can be assigned.
AWARD-WINNING HEAD OFFICE
2011
North West Insider Awards
2012
Property Week Awards
— Design Patron of the Year
­­— Sustainability Achievement Award
2011
Builder and Engineer Awards
2012
Green Apple Award
— Sustainable Project of the Year
— Client of the Year
— Architect of the Year: 3DReid
—Bronze Award
— Large Private Project of the Year
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One Angel Square Manchester
31
Specification
The specification includes:
— Air cooling/heating is provided via chilled beams utilising
concrete reducing cooling load for reduced energy consumption
— Typical finished floor to ceiling heights of 2.80m
— Typical slab to slab height of 4.00m
— Fully accessible raised floors with a clear void of 350mm
— Floor to ceiling glazing
— LG7 compliant lighting system (300 – 500 LUX)
— Planning module based on occupancy of 1 person per 8 sq m
— Floor supports imposed loadings of 4kN/m 2 + 1kN/m2
for partitions
— 10 x 17 person passenger lifts
— 3 x 21 person service lifts
— Male, female and disabled toilets on each floor
— Building Environmental Management System
— 146 car parking spaces, 105 cycle storage stands
Computer Generated Image
One Angel Square manchester
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Sustainability
One Angel Square
is one of the most
sustainable
buildings in europe
The desire to create a highly innovative, sustainable
building was central to the original design brief for
architects 3DReid and the design team.
Overview
Design Features
Benefits
The focus on sustainability has
been embedded at the heart of
the project and has shaped all
of the core activity – impacting
everything from choosing the
initial location for the building,
the architectural design, throughout
the construction process and
has also influenced how The
Co-operative Group will occupy
the building in its entirety.
The building will be powered
using a pioneering, bio-fuel
cogeneration plant oil fed
combined heat and power (CHP)
system. Rapeseed oil, which is
being grown on The Co-operative’s
own farmland, will be used to
run the engine. Rainwater and
greywater harvesting has been
employed to guarantee low water
consumption and the building
has many ground breaking
engineering features, including
a double skinned façade to
minimise heating and cooling
throughout the year. Geothermal
earth tubes to circulate fresh air
and chilled beams throughout
to provide natural cooling.
One Angel Square will operate
with at least an 80% reduction
in carbon emissions and a 50%
reduction in energy consumption
compared to the current Co-operative
head office complex, which in
turn will save the Group over
£500k per annum.
As occupiers, The Co-operative
Group have seized the opportunity
to introduce a programme of
organisational transformation
to ensure the building is used
in a sustainable way including
creating a green travel plan for
the site and rolling out virtual
desktop technology that not
only uses less heat and energy
but will also enable flexible
working, including home working
and hot desking to drive maximum
space efficiency.
BREEAM RATING
‘Outstanding’
EPC Rated
‘A’
DEC Rated
‘A’
It is the First commercial building
of this size and scale to achieve all
three of these standards*
*Ratings are predicted and based on building designs.
One Angel Square Manchester
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Accommodation
Computer Generated Image of the eighth and ninth floor terraces
Computer Generated Image of Angel Square
The building is being measured by Plowman
Craven Associates in accordance with the
RICS’ Code of Measuring Practice (6th Edition)
and will comprise the following approximate
net internal areas:
Demise
Use
Net Internal Area sq ft
Net Internal Area sq m
14th Floor
Offices
6,717 624
13th Floor
Offices
9,300
864
12th Floor
Offices
11,927
1,108
11th Floor
Offices
14,004
1,301
10th Floor
Offices
15,855
1,473
12th Floor
9th Floor
Offices
16,157
1,501
11th Floor
8th Floor
Offices
23,595
2,192
10th Floor
7th Floor
Offices
27,480
2,553
6th Floor
Offices
28,987
2,693
5th Floor
Offices
27,480
2,553
4th Floor
Offices
28,987
2,693
3rd Floor
Offices
27,480
2,553
2nd Floor
Offices
28,987
2,693
1st Floor
Offices
5,597
520
4th Floor
Ground
Offices
20,613
1,915
3rd Floor
Ground
Atrium
10,355
962
2nd Floor
Ground
Reception
5,210
484
1st Floor
Lower Ground
Ancillary
18,912
1,757
Basement
Parking (146 spaces)
Total
327,643
A duty of care from Plowman Craven will be available to the purchaser.
14th Floor
13th Floor
9th Floor
8th Floor
7th Floor
6th Floor
5th Floor
Ground
Lower Ground
30,439
Basement
One Angel Square Manchester
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Floor plans
Atrium
Loading
Bay
LOWER GROUND FLOOR
Indicative office FLOORS
18,912 sq ft
1,757 sq m
Up to 29,000 sq ft
2,694 sq m
Ter r
Reception
a ces
GROUND FLOOR
Indicative Terrace FLOORS
36,178 sq ft
3,361 sq m
The 8th, 9th, 10th, 11th, 12th, 13th and
14th floors benefit from terraces
Not to scale: For indicative purpose only
One Angel Square manchester
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Tenure
Freehold.
AS
PIN
DAN
TZIC
ST
STR
EET
BES
WIC
KR
OW
MU
NS
TER
T
EE
TR
S
E
YL
ST
T
EE
TR
LS
GE
AN
CO
RP
OR
AT
ION
STR
EE
T
M
ILL
OW
ST
CR
OW
NL
AN
E
NE
IN LA
ASP
LA
NE
The total site area (indicated red) extends
to approximately 1.27 acres (0.51 hectares).
Public Realm is shown edged blue.
Public realm
MI
LLE
RS
TRE
ET
MA
YE
SS
TR
EE
T
MIL
LER
STR
EET
The OS plan is not to scale and shows the approximate position of the freehold boundaries
edged red. The attached is for identification purposes only and the accuracy of the plan
cannot be guaranteed and does not form part of any contract.
One Angel Square manchester
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40
Tenancy
PLANNING AND TAX
The property is to be let in its entirety to The Co-operative
Group Holdings (2011) Limited (IP Society number IP28501R)
on full repairing and insuring terms for a term of 25 years
from September 2012 (Lease expiry 2037).
Capital Allowances
It is the Vendor’s intention to retain all
plant and machinery Capital Allowances.
VAT
The property is elected for VAT purposes
and therefore VAT will be payable on
the transaction.
The Co-operative Group Limited (IP Society number IP00525R)
will guarantee the lease obligations for the duration of the lease.
Planning
The local planning authority is Manchester
City Council.
initial Rental Profile
Use
Rent (£ per sq ft)
Rent (£ per sq m)
Lower ground floor
10.00
107.64
Ground floor reception and atrium
13.50
145.32
Ground floor offices
26.00
279.87
Office floors 1-14
28.00
301.40
Basement car parking
£3,000 per space
The rent will increase within the following range within the term of the lease:
Years
The precise initial rent will be
calculated based on the areas
provided by Plowman Craven
and using the rental breakdown
detailed (see left).
The lease provides for 5 yearly
upward only rent reviews based
on the increase in Consumer
Price Index (CPI), which is subject
to a minimum increase of 1.5% per
annum and a maximum increase
of 4% per annum, compounded.
PROJECTED Rental Profile
Minimum Rent (£)
The initial rent of approximately
£9,000,000 per annum equates to
an average rent of £26.15 per sq ft
or £281.45 per sq m, excluding cars.
Maximum Rent (£)
Per Annum
Per sq m
Per sq ft
Per Annum
Per sq m
Per sq ft
1-5
9,000,000
281.45
26.15
9,000,000
281.45
26.15
6-10
9,695,556
303.20
28.17
10,949,876
342.42
31.81
11-15
10,444,867
326.63
30.34
13,322,199
416.61
38.70
16-20
11,252,089
351.87
32.69
16,208,492
506.87
47.09
21-25
12,121,695
379.07
35.22
19,720,108
616.68
57.29
There are three tenant options
to extend the lease for a further
10 years at an open market rent,
each subject to a tenant option to
determine on the 5th anniversary.
Please see Appendix 1 for a
Summary of the Occupational Lease.
£20,000,000
Minimum Rent
£15,000,000
Maximum Rent
£10,000,000
£5,000,000
£0
1-5
6-10
11-15
16-20
21-25
Computer Generated Image of the Atrium
One Angel Square Manchester
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Covenant – The Co-operative group
Overview
The Co-operative family of Businesses
The Co-operative Group is the UK’s largest
consumer co-operative, offering a wide range
of services including food, financial services,
pharmacy, funerals, legal services, life
planning, motor vehicles and electrical goods.
Owned and democratically
controlled by its members,
The Co-operative Group operates
according to values and principles
that remain as true and relevant
today as they did when the
business was created more
than 150 years ago.
As a co-operative, the values of
openness, honesty and social /
environmental responsibility
are integral to the business.
Profits are shared with each
member according to how much
they spend over the year and in
2011, £142 million was paid back
to members.
The UK’s fifth largest food retailer with
a store in every postal area, serving more
than 14 million customers a week.
Europe’s most sustainable financial services provider,
offering banking and insurance services to personal
and business customers.
The UK’s third largest pharmacy business, offering
community based and online services making us
the second largest outpatient dispensary service.
The funeral business is considered the UK leader,
carrying out over 100,000 funerals each year
across a network of 850 funeral homes – that’s
18% of all funerals in the UK
In 2011, The Co-operative Group
launched its ground breaking
ethical plans with industry leading
commitments on a range of issues
from Fairtrade and climate change,
to ethical finance and support for
local communities.
INVEST IN 150
YEARS OF SOCIAL
AND ETHICAL
ENTERPRISE
The Co-operative Group also operates commercial
activities in security and clothing and have
established a joint venture with Thomas Cook,
which constitutes the UK’s largest travel agency.
£13.3 billion 5,000+
102,000 21 million
7.2 million
Gross sales
Retail trading outlets
Employees
Customers served every week across the businesses
Members
One Angel Square Manchester
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Financials
The tenant, The Co-operative Group Holdings (2011) Limited
(IP Society number IP28501R), is a holding company and
shareholder for the major trading companies within the
Co‑operative movement including food, funerals and pharmacy.
The directly held subsidiaries to The Co-operative Group
Holdings (2011) Limited are substantial operating businesses
that contribute over 80% of the Group revenues.
The Co-operative Group is being structured as the diagram
below illustrates.
The Co-operative Group
Limited
Direct Holding
100%
The Co-operative Group
Holdings (2011) Limited
100%
Indirect Holding
The Co-operative Financial
Services Limited
100%
Funeral Services
Limited
The Co-operative Group
Food Limited
100%
Somerfield Stores
Limited
The Co-operative Group Limited (IP Society number IP00525R)
will provide a guarantee in respect of the lease obligations.
A ‘permitted assignee’ is defined as one which either has
a Standard & Poor rating of ‘BBB Stable’ or the equivalent at
Moody’s or Fitch, or if it does not have such a rating, is of no lesser
covenant strength than an entity which does have such a rating
and assignment to it would give rise to no loss of reversionary
value by the landlord as detailed in Appendix 1.
The table below shows the last three years annual accounts
for The Co-operative Group Limited:
Y/E Dec 2011
Y/E Dec 2010
Y/E Dec 2009
Gross Sales
£13.3 billion
£13.14 billion
£12.04 billion
Underlying Operating Profit
£526 million
£602 million
£464 million
Members Funds
£5.06 billion
£4.84 billion
£4.52 billion
Standard & Poor provides a credit rating for this covenant of BBB-
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One Angel Square manchester
47
APPENDICES
APPENDIX 1
SUMMARY OF OCCUPATIONAL LEASE TERMS 48
APPENDIX 2
SUMMARY SPECIFICATION 50
APPENDIX 3
MARKET COMMENTARY 52
One Angel Square manchester
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48
APPENDIX 1
SUMMARY OF OCCUPATIONAL LEASE TERMS
Lease Date
Initial Rent
Alienation
Repair
The lease is to be put in place upon completion
of the sale of the property.
£9,000,000 per annum.
The lease contains a test on assignment whereby the
landlord may withhold its consent to an assignment
if the assignee is not a “permitted assignee”.
The tenant is required to keep the premises in
good and substantial repair, subject to a fair wear
and tear exception in the last 3 years of the term.
Landlords consent is not required to an assignment
to a permitted assignee.
Yield Up
Landlord
To be agreed with the purchaser.
Tenant
The Co-operative Group Holdings (2011) Limited
(IP Society number IP28501R).
Guarantor
The Co-operative Group Limited (IP Society
number IP525R).
Premises
The land shown edged red on the Plans together
with all buildings and other structures now or at any
time during the Term on it, known as 1 Angel Square,
NOMA, Manchester.
Term
25 years from the date of completion of the sale with
the benefit of security of tenure and compensation
provisions of the Landlord & Tenant Act 1954.
The tenant will have the benefit of three rights
to extend the lease, in each case for a period
of 10 years, on the same terms, except for rent.
Each lease will contain an option for the tenant
to determine on the 5th anniversary of the lease.
The rent under each further lease is to be the then
open market rent, and will be subject to 5 yearly
upwards only open market rent reviews.
Rent Review
The rent is subject to upwards only rent reviews
every 5 years, in line with the growth in the
Consumer Price Index (CPI).
The lease will provide for a maximum increase over
5 years of 4%PA compounding (1.2167 multiplier)
and a minimum increase of 1.5%PA compounding
(1.0773 multiplier).
Insurance
The landlord is to insure against the full commercial
risks and fees, including terrorism where available,
and loss of rent and estate service charge for
a minimum period of 5 years.
The uninsured risk loss falls to the landlord who
will have the option to reinstate and should they
choose to do so is liable for all reinstatement costs.
For so long as The Co-operative is the tenant, it will
have the right to insure the premises.
A “permitted assignee” is one which either has a
Standard & Poor rating of no less than “BBB stable”
or the equivalent at Moody’s or Fitch or, if it does
not have such a rating, is of no lesser covenant
strength than an entity which does have such
a rating and assignment to it would give rise to
no loss of reversionary value by the landlord.
There is no Authorised Guarantee Agreement on
assignment to a “permitted assignee”.
The lessee is permitted, subject to the lessor’s prior
consent (which is not to be unreasonably withheld
or delayed) to:
i. Sublet the entire demise
ii. Sublet whole floors or multiples thereof
iii. Sublet part floors provided that each sublet
unit comprises not less than (3,000 sq ft/279 sq m)
and is capable of forming a self-contained unit
iv. Sublet up to four floors to a serviced office
provider or at an all inclusive rent, or at less than
Open Market Rate
v. Otherwise, all sublettings will be at Open Market
Rental Value
vi. All sublettings on part floors will be contracted
outside of the Landlord & Tenant Act 1954
as amended.
Various sharing arrangements are permitted without
control but without compromising security of tenure
and the Landlord & Tenant Act 1954 as amended.
Use
The use is as high class, professional and commercial
and/or government offices, conferencing facilities,
and ancillary uses and car parking, and any other
use subject to landlords consent not to be
unreasonably withheld.
There is no dilapidations or reinstatement liability,
save in the case of structural alterations completed
during the term which reduce the net internal area
by more than 2.00%.
Alterations
Alterations to the exterior of the building are
precluded without landlords consent, other
than the conversion of the first floor business
lounge and/or the 9th-14th floors terraces to
bring them within the floorplate. Internal
structural and non structural alterations
maybe carried out without landlords consent
but are subject to a notification requirement.
Estate Service Charge
The tenant is to be responsible for payment
of the NOMA estate service charge.
Naming Rights
The lessee has a right to name the building.
One Angel Square manchester
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APPENDIX 2
SUMMARY SPECIFICATION
Substructure
Substructure is a concrete frame.
Superstructure
Superstructure consists of a steel and concrete frame
supporting concrete topping floor slabs. Internally,
the office space is column free.
External Finishes
External Walls – Ground & 1st Floor external double
height glazed curtain walling, with spandrel panels
to the rear of the external precast columns.
Levels 02-07 – External walls comprise of full height
unitised double skin façade with extended fins to
provide solar shading. Within the double skin façade
the walkway provides a maintenance route as well
as acting as a brise soleil.
Levels 08-14 – External walls comprise full height
unitised double skin façade and full height curtain
walling to the terraces.
Level 15 (Plant Room) – External walls comprise
full height utilised double skin façade and a
louvered plant room.
Finishes
Basement Floor – Sealed concrete slab with
painted blockwork walls, exposed ceiling soffit.
Lower Ground Floor – Sealed concrete slab to
loading bay, plant rooms, circulation areas, cores,
security office, Business Centre, reception to be
vinyl linoleum floor finish.
Ground Floor/Reception Area – Porcelain tile
floors with walls clad in timber panelling and
painted plaster.
Upper Floors Typical Office Layout – Raised access
floors with carpet tile finish (heavy duty grade
floor antistatic for IT hub rooms).
Server Rooms – Heavy Grade antistatic raised floor
(500mm) (450mm clear service zones). Auditorium
– carpet tiles. Mock store – terrazzo floor tile. Walls
finished in oak veneer acoustic timber panelling.
Gym – specialised rubberised floor finish.
Ceilings – Fully serviced ceiling raft incorporating
chilled beams, lighting, sprinklers and PIR sensors
within each of the coffers. Chilled beams are factory
sprayed white metal panels system.
External Terrace – Perimeter walls to the terrace
consist of double skin glazed façade, atrium roof and
glazed stainless steel balustrade. Composite concrete
pavers form the finished external surface with pebble
borders between double skin façade, office glazing
and terrace material.
Raised bed planters allow for soft landscaping on
Levels 8, 10-14.
Air Cooling/Heating
Car Parking
Air cooling is provided via chilled beams utilising
concrete reducing cooling load for reduced energy
consumption. Heating is provided via incoming air
through the raised access floor and supplemented
with perimeter heating.
146 spaces which includes 8 accessible
and 23 motorbike spaces.
Cycle Provision
Maximum 60% RH
24 degrees C +/- 2 degree C with chilled beams
(21 degrees C in winter)
105 cycle storage stands
Lighting Design
Office Areas – 4 kN/m² inclusive 1 kN/m²
for partitions
Lighting Level – 300-500 lux
Fire Alarms
High Load Zones – 7.5 kN/m² + 0.5 kN/m²
Up to 10 kN/m² in plant areas
L1 system with voice chip sounders
Column Spacing
Sprinkler System
Minimum 7.5m – column free floorplate
(max 16m span)
Full sprinkler coverage in compliance
with Approved Document part B
Slab to Slab Height
Emergency Power
3.0m
5.0m
8.0m (part fit out for level 1)
4.0m
Uninterrupted power source (UPS) plus
standby generators
Means of Escape
Density – one person per 6m², for Fire Escapes/Lifts
Floor to Ceiling Height
Typical Office Floor
5 contractor spaces
Humidity Control
0.5 kN/m² raised floors
Basement
Lower Ground Floor
Ground Level 2 – 14 offices
Maximum 1 in 6 ramps
12 L/S based on 1 person per 8m² or 10m²
Temperature
Imposed Loads
Minimum 6m width search lines
Fresh Air
Dead Loads
2.8m
Minimum 2.3m x 4.8m parking bays
Toilet Provision
Raised Floor
Based on occupancy of average one person to 8m²
400mm (350mm clear void)
Noise from Service
Planning Grid
1.5m x 3m
(Chilled Beams dictate 3m centres)
Open plan offices
Cellular offices
Meeting/Board Rooms
Circulation/Cores
Occupancy
Lifts
Generally based on 1 person per 8m²,
and is capable of upgrading to 1 person
per 6m² in certain areas.
10 No.17 person passenger lifts
3 No.21 person service lifts (1 in each core)
Destination Control System
NR38
NR35
NR30
NR40
One Angel Square manchester
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APPENDIX 3
Market Commentary
Occupational Market
Rents
Supply
Manchester is the largest regional city centre
office market with a total stock of approximately
20,000,000 sq ft (1,858,000 sq m). Manchester’s
financial and professional services sector employs
over 250,000 people across 29,000 businesses and,
with a long history of mergers, consolidations and
attracting inward investors, the city records the
highest take-up levels across the regions of close
to 1,000,000 sq ft (92,900 sq m) per annum.
Prime rents for Manchester city centre now stand at
a headline rental level of £30 per sq ft (£325 per sq m).
Prime rents are expected to rise by 8.1% between
2012 and 2016 in Manchester driven by continued
occupier demand and the gradual erosion of
Grade A supply.
The supply of Grade A stock in Manchester currently
stands at 500,000 sq ft (46,452 sq m) within the city
centre and provides approximately 1.5 years take-up
at the historical trend rate.
Development Pipeline
The development pipeline remains muted with
no space currently under construction or speculative
starts anticipated this year. The only exception to
this is No 1 St Peters Square which is part pre-let and
will include approximately 200,000 sq ft (18,581 sq m)
of speculative office space due to PC to shell and core
in May 2014.
Take-Up
Manchester continues to outperform the ‘Big 6’
regional centres in terms of take-up with 699,050 sq ft
2010 – 3.9 million sq ft
(64,942 sq m) transacted in 2011, that
represents a
very similar level to the 5 year average take-up figure
of circa 800,000 sq ft (74,323 sq m).
12%
Edinburgh
2011 – 3.1 million sq ft
14%
18%
18%
Glasgow
2011 – 3.1 million sq ft
2010
– 3.9 million sq ft
17%
Leeds
12%
10%
22%
Manchester
Birmingham
Edinburgh
12%
18%
34%
Bristol
Glasgow
17%
Leeds
7%
14%
12%
13%
18%
23%
10%
22%
Manchester
7%
Birmingham
800,000
700,000
700,000
600,000
600,000
500,000
400,000
800,000
300,000
700,000
200,000
600,000
100,000
500,000
0
400,000
200,000
23%
2011 Take-Up by Sector
800,000
300,000
13%
34%
Bristol
2011 Take-Up by Size
100,000
0
2011 Take-Up by Size
50,000-100,000 sq ft
25,000-50,000 sq ft
10,000-25,000 sq ft
0-10,000 sq ft
50,000-100,000 sq ft
25,000-50,000 sq ft
10,000-25,000 sq ft
0-10,000 sq ft
500,000
400,000
800,000
300,000
700,000
200,000
600,000
100,000
500,000
0
400,000
300,000
200,000
100,000
0
Other
2011 Take-Up by Size
2011 Take-Up byPublic
SectorAdministration
Manufacturing Industry
800,000
Services Industry
800,000
700,000
OtherProfessional Services
700,000
600,000& Finance Services
PublicBanking
Administration
600,000
Other
Manufacturing
500,000 Industry
500,000
Public Administration
Services Industry
400,000
Professional Services
300,000
Banking & Finance Services
50,000-100,000 sq ft
25,000-50,000 sq ft
100,000
Big 6 average
1,200,000
0
Manchester city centre
1,000,000
800,000
sq ft
1,400,000
600,000
Big 6 average
1,200,000
400,000
Manchester city centre
1,000,000
200,000
sq ft
800,000
600,000
400,000
200,000
0
2000
2001
2002
2003
2004
2005 2006
2007
2008
2009
2010
2011 Q1/2012
400,000
300,000
Manufacturing Industry
Services Industry
200,000
200,000
1,400,000
2011 Take -Up by Sector
10,000-25,000 sq ft
0-10,000 sq ft
Professional Services
100,000
0
Banking & Finance Services
www.Oneangelsquare.co.uk
54
Investment Proposal
Offers are invited for the freehold
interest in One Angel Square, subject
to contract and exclusive of VAT.
One Angel Square Manchester
55
www.oneangelsquare.co.uk
56
CONTACT
For further information or to arrange an
accompanied inspection, please contact:
Mark Williams
mwilliams@whrproperty.co.uk
DL: +44 (0)161 819 8220
Andrew Hawkins
andrew.hawkins@eu.jll.com
DL: +44 (0)20 7399 5840
Jonathan Mills
jonathan.mills@eu.jll.com
DL: +44 (0)161 828 6460
Dan Crossley
dcrossley@whrproperty.co.uk
DL: +44 (0)161 819 8221
Rob Jackson
robert.jackson@eu.jll.com
DL: +44 (0)20 7399 5029
Matthew Stretton
matthew.stretton@eu.jll.com
DL: +44 (0)161 828 6493
Michael Hawkins
mhawkins@whrproperty.co.uk
DL: +44 (0)161 819 8208
Jones Lang LaSalle
10 Gresham Street
London
EC2V 7JD
Jones Lang LaSalle
One Piccadilly Gardens
Manchester
M1 1RG
+44 (0)20 7248 6040
+44 (0)161 828 6460
WHR
The Lexicon
10 Mount Street
Manchester
M2 5NT
+44 (0)161 228 1001
Dataroom: www.oneangelsquare.co.uk/c/download.php
— Specification
— Fact Sheet
— Occupational Lease
— Floor Plans
— Investment Brochure
Misrepresentation Act: Jones Lang LaSalle and WHR for themselves and for the vendor as agents for the vendor give notice that:
1. The information in these particulars is intended as a general outline only for the guidance of intending purchasers and neither Jones
Lang LaSalle and WHR nor the vendor on whose behalf these particulars are provided accept any responsibility for any inaccuracies the
particulars may contain. Any intending purchaser should not rely upon them as statements or representations of fact but should satisfy
themselves by inspection or otherwise as to their correctness. All floor areas and other measurements are approximate. 2. These particulars
do not form, or form any part of, any offer or contract. 3. Neither Jones Lang LaSalle, WHR, nor any of their employees has any authority,
either orally or in writing, to make or give any representations or warranties in relation to the property. 4. Unless otherwise stated,
all prices and rents are quoted exclusive of VAT. July 2012.
The Code of Practice on Commercial Leases in England and Wales recommends you seek professional advice before agreeing a business tenancy.
The Code is available through the website: www.commercialleasecodeew.co.uk
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