Hamburg Süd, a German company ranked among the world’s ten largest shipping lines, has taken the last remaining floor of BAM Properties ‘Metro’ office development at Salford Quays.
Hamburg Süd, which has been in operation since 1871, has agreed a ten year lease on approximately 17,700 sq ft in this landmark development.
This letting follows BAM’s own decision to relocate its North West office to Metro by taking the second floor comprising circa 17,700 sq.ft.
This 72,500 sq ft landmark office scheme is now fully let. The other occupiers of this Grade A office building are Sinclair Knight Merz and Insight Direct.
Paul Smith, BAM Properties northern development manager based in Salford, said: “It is particularly gratifying to have secured the letting to Hamburg Sü̈d against a strong short list of alternative sites that were under consideration. Hamburg Sü̈d has a long standing association with Salford Quays with links back to Manchester Liners and Furness Withy and we are delighted that Metro will now play a part in this important heritage.
“It is also great that we will be relocating to a building developed and built by our colleagues in BAM”
Joint letting agents CBRE and Canning O’Neill acted for BAM Properties and Altus Edwin Hill represented Hamburg Süd.
BAM Properties is now offering the resultant investment for sale for offers in the region of £19.25M to achieve a net initial yield of 7.5% through agents JLL.