Acting on behalf of Nike Inc., DTZ has successfully disposed of three leasehold liabilities in Manchester which were the legacy of their acquisition and subsequent disposal of Umbro.
The buildings, which comprised a total of 86,626 sq ft, are Lakeside 5000 and 5400 at Cheadle Royal and 29-31 Dale Street. Lakeside 5000 was assigned to Balfour Beatty which amalgamated various south Manchester offices whilst the remaining lease at Lakeside 5400 was surrendered to the Landlord. The lease on Dale Street was assigned to Iconix.
This project is one of a number of assignments that DTZ has supported Nike Inc. with across EMEA and demonstrates the strength of its network across the region.
Rob Yates, Office Agency Director at DTZ acted on behalf of Nike and commented: “Our client was particularly delighted not only with the fact that we were able to achieve all 3 disposals but also that this could be achieved within a period of 5 months after instruction. This needed a lot of hard work and determination by all involved but the result was worth the effort for our client. This is a positive reflection on the state of the market and emphasises the shortage of quality product of a certain size in south Manchester.”
John Shipman, Europe Real Estate Director from Nike Inc. said: “We are impressed with the persistence and willing attitude shown by Rob Yates and the DTZ team in the pursuit of our objectives as well as his ability to respond positively to the challenges that arose. The final results are testimony to the effectiveness of DTZ’s approach.”
