THE Co-Operative Group Head Office

Sale and Leaseback

 One Angel Square manchester

A 25 YEAR,
UNBROKEN
INDEXED LEASE
to one of
the worlds
largest
consumer
co-operatives
www.Oneangelsquare.co.uk One Angel Square Manchester

2 3

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
www.Oneangelsquare.co.uk One Angel Square manchester

4 5

EXECUTIVE Summary
Location
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.
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.
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.
Tenure Capital Allowances
Freehold. It is the Vendors intention to
retain all plant and machinery
Tenancy
Capital Allowances.
The property is to be let in its
VAT
entirety to The Co-operative Group
Holdings (2011) Limited, guaranteed The property is elected for VAT
by The Co-operative Group Limited, purposes and therefore VAT will
on full repairing and insuring be payable on the transaction.
terms for a term of 25 years from
Investment Proposal
September 2012 (Lease expiry 2037).
The tenant will have the right to Offers are invited for the freehold
extend the lease. interest in One Angel Square, subject
to contract and exclusive of VAT.
Initial Income
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.

Projected Income Profile

The rent will be inflation indexed to CPI within the following
range during the term of the lease:

Minimum Rent () Maximum Rent ()

Years 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

www.Oneangelsquare.co.uk One Angel Square Manchester

6 7

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
www.Oneangelsquare.co.uk One Angel Square Manchester

8 9

MANCHESTER THE UKS SECOND CITY LOCAL OCCUPIERS

THE ECONOMIC AND

CULTURAL CAPITAL
OF THE NORTH-WEST
Manchester is the largest and Greater Manchester has a
fastest growing regional capital population of 2.5 million, a well-
in the UK, generating wealth educated, skilled workforce of
equal to that of Leeds, Liverpool 1.3 million and a GDP of 28 billion.
and Sheffield combined. It comes The workforce 65% of it aged
second only to London both in under 45 has excellent language,
business terms and the quality technical and customer service skills.
of its city environment, retail and
The university population is one of
leisure amenities. A dynamic series
the largest in Europe. These factors
of public/private partnerships has
combine to make Manchester an
delivered an unrivalled track
ideal location for corporates.
record of development across
the built environment.

Greater Manchester is the largest commercial

finance centre outside London in terms of venture 80 members
capital and corporate finance activity.
of the ftse 100
are based in
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. manchester
80 members of FTSE 100 are based in Manchester.
Over 3 billion committed to major real estate
infrastructure projects in Manchester. the bbcs
Rapid access to London and other financial centres recent move
by road, rail and air.
Status as a cultural centre reinforced by BBC
to manchester
relocation from London. marks a
Financial services credentials proven by relocation
of Bank of New York Mellon. large-scale
Readily accessible pool of financial talent, and a decentralisation
larger labour force within a 60-minute drive-time
than any other comparable city. from London
www.Oneangelsquare.co.uk
10
MANCHESTER LIFESTYLE
Cultural And
Creative Centre
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.
The Manchester Arena is Europes
busiest indoor concert arena.
The Hall orchestra thrives in its
architecturally stunning new home,
the Bridgewater Hall, and the
Manchester Camerata plays at the
Royal College of Music.
Manchesters thirteen theatres
create the UKs best theatre
repertory scene outside Londons
West End and host top touring
companies at the Royal Exchange
Theatre, Manchester Opera House
and Palace Theatre.
Retail and
Leisure Market
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.
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 UKs largest
inner city shopping centre and the
most visited in the north-west.
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.
One Angel Square Manchester
11
The thing about
Manchester is
it all comes
With NOMA delivering 500,000 sq ft
(46,450 sq m) of retail, leisure
and hotel accommodation to the
Manchester market, the citys
offering continues to strengthen.
from here
International Sporting
Destinations
Manchester is recognised the world
over for its sporting achievements
home to Manchester United,
Manchester City, Bolton Wanderers Noel Gallagher
and Wigan Athletic football
clubs and in 2002 host of the
Commonwealth Games.
The regions 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:
Englands 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
Visitors to the Manchester Arndale Centre per annum the UKs
Thirteen
Theatres
largest inner city retail centre
www.Oneangelsquare.co.uk One Angel Square Manchester

12 13

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 Edinburgh
and affordable connectivity throughout the conurbation and beyond. 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 Manchesters
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 citys 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 norths
only major international gateway
and the UKs 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 Liverpool
Leeds
continents including 65 flights per
Dublin
34 miles (54 km)
week to the US.
165 miles (266 km) 40 miles (64 km)

Sheffield
Manchester road network Bury
M62 Train times from Manchester International flight times Manchester 39 miles (62 km)

Leeds London 2hrs 7mins Abu Dhabi 7hrs 25mins

M66 A627(M) and M1

Edinburgh 3hrs 23mins Amsterdam 1hr 25mins

a world class, Birmingham

M62
Glasgow 3hrs 11mins Brussels 1hr 30mins
J18 Oldham
M61 M60 Birmingham 1hr 31mins Chicago 9hrs 30mins

multi-modal
Preston 83 miles (133 km)
and M6
Dubai 7hrs 50mins
J15 Bristol 2hrs 59mins
Dublin 1hr
Leeds 54mins

integrated
Frankfurt 1hr 40mins
Salford Manchester Liverpool 47mins
J12 M602
Sheffield 48mins
Geneva 1hr 50mins Bristol London
transport
Sheffield Milan 2hrs 20mins 165 miles (264 km) 196 miles (314 km)
M62 J24 Source: National Rail.co.uk
M67 Munich 2hrs

infrastructure
Liverpool
M60 M60
New York 8hrs
Warrington

Paris 1hr 30mins

Stockport

Source: Manchester Airport

J3/1

Altrincham
Chester
Birmingham

M56 J5 Manchester
Airport
www.Oneangelsquare.co.uk One Angel Square manchester

Beetham
TOWER
international
PICCADILLY conference
STATION centre
14 15

Shudehill
Transport
interchange

THE ARNDALE selfridges harvey nichols

SHOPPING
CENTRE

THE The National

PRINTWORKS Football Museum

MANCHESTER
VICTORIA Manchester
STATION Arena

One Angel
Square forms
part of NOMA,
the leading
next generation
mixed-use
development
scheme in ANGEL
MEADOWS

the UK METROLINK
www.Oneangelsquare.co.uk Manchester Angel Meadows One Angel Square manchester
Arena Residential Quarter
Manchester Victoria
Station

Medieval
Quarter
16 17

Printworks
Central Cathedral
Salford SITuation

Harvey The 20 acre (8.08 hectare) NOMA

Nichols scheme is situated between the city
Selfridges Manchester Northern centres largest park (Angel Meadows),
Arndale its main shopping and leisure destination
Lowry
Retail Core Centre Quarter (the Manchester Arndale Centre and
Hotel Exchange Square) and two major transport
Salford
Central hubs (Manchester Victoria Station and
Royal the Shudehill Transport Interchange).
Station Exchange
One Angel Square is adjacent to
Manchester Victoria railway station
House of and is prominently situated in the heart
Fraser of NOMA, bounded by Miller Street,
Piccadilly Angel Street and Corporation Street.
Gardens Construction to narrow Miller Street
and upgrade Angel Street is underway
Law which will further enhance permeability,
Courts for pedestrians.

Central Piccadilly Pedestrian access will be provided via an

attractive public realm to the north of
Spinningelds Business Core Gateway Miller Street, that will integrate One Angel
Square with the wider NOMA scheme.

Town
Hall China
Manchester Town
Art Gallery

Left Bank
Great
Midland
Hotel
The Piccadilly
Northern Village Station Eastern Gateway
Manchester
Central

Hilton Peters Fields /

Hotel
The Conference Quarter

Deansgate Higher Education

Castleeld Oxford Road
Station
Station Precinct

Southern
Gateway

Proposed second City Metrolink Crossing

www.Oneangelsquare.co.uk One Angel Square manchester

Angel Meadows

18 19

Manchester Angel Meadows

Residential
Arena Quarter
1.2 million Visitors
Manchester
Victoria
Station
6.4 million Passengers
rising to 12/14 million

City Buildings Hotel CGI

Chethams
School of Music

City
Medieval Quarter Buildings
Hotel Angel Square CGI

National
Football Crowne Plaza
Hotel &
Museum
Shudehill Holiday Inn Express
350,000
Visitors
Transport 420 Beds
Printworks Interchange
9.4 million Visitors
Cathedral

Triangle Northern
Quarter
The Next
Shambles

Ring Road Traffic ow around the NOMA District

Harvey Nichols

Selfridges

Manchester Arndale Centre

38 million Visitors

M&S

Retail Core
www.Oneangelsquare.co.uk One Angel Square manchester

20 21

NOMA The Vision

Computer Generated Image

NOMA
Designed by 3DReid, One Angel Square forms the centrepiece
of this 800 million development scheme that will deliver:

Manchesters 2.5 million sq ft

Prime New/Refurbished Office Space
1.0 million sq ft
Residential

sustainable City 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
NOMAs residential offer will be for people
from all backgrounds and will be developed
for everyone from families to older people

Centre district
will also accommodate prospective occupiers and those starting out in life.
changing requirements.

This vision has been facilitated through the combination of The Co-operatives
unique land ownership and the application of The Co-operatives founding
principles of progressive forward-thinking and social responsibility.
300,000 sq ft
Retail and Leisure
NOMA will incorporate the city centres 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.
200,000 sq ft
Hotel
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.
www.Oneangelsquare.co.uk One Angel Square manchester

22 23

NOMA The Implementation

NOMA will deliver aN With planning consent already

granted for a 176 bedroom
with Phase 2 set to follow,
helping to create a sense of place
been the re-routing of the citys
inner ring road along Angel

integrated DEVELOPMENT
4* hotel and restaurant with within NOMA and provide a Street around One Angel Square.
construction starting in September platform for further development The new road network will
2012 alongside the submission of within the next 1-3 years. Further include the narrowing of Miller

PROGRAMME over the

a detailed planning application for developments will include a multi- Street to two lanes and the
a 100,000 sq ft (9,290 sq m) Grade storey car park the implementation introduction of extensive traffic
A office refurbishment, NOMA is of the retail masterplan and further calming measures to increase
gaining significant momentum. new build and refurbished office the prominence of One Angel

next ten years

product. A major part of creating Square and thereby knitting the
Phase 1 of the Public Realm will the infrastructure for Manchesters NOMA district into the fabric of
complete in September 2012 sustainable city centre district has Manchester city centre.

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www.Oneangelsquare.co.uk One Angel Square manchester

24 25

NOMA Infrastructure Investment

NOMA at the
Northern Hub Manchester The Ordsall Chord Metrolink Second City
Victoria Station Crossing (2CC)

centre of a major
Network Rail and regional The 26 million project to The initial funding of 85 million In addition to new lines recently
partners are committed to the transform Manchester Victoria has been agreed to directly opened to MediaCityUK and
Northern Hub scheme that will station into a major regional connect Manchester Victoria and Chorlton, there are proposals
create a projected 4.2 billion of interchange. Funding has been Manchester Piccadilly Railway for a further extension from

transformation
benefits and create an additional secured to substantially redesign Stations for the very first time to the Deansgate-Castlefield
23,000 jobs. The electrification of and rebuild the roof, improve allow faster and more frequent stop through to the existing
the route between Manchester the connectivity to the Manchester services in the North. This would MetroLink line at Manchester

of Manchesters
Victoria and Liverpool Lime Street Arena, redesign platform see most fast trans-Pennine Victoria station. This will triple
is a key part of this project and is arrangements to accommodate services going via Manchester the existing capacity by 2016,
in development at an estimated increased capacity and provide Victoria as soon as 2016. making Metrolink the largest

connectivity
cost of 124 million. an improved retail and leisure tram system in the UK. The city
offer. Contractors are now centre will be connected to
on-site and the station should Manchester Airport with services
be completed by 2014. 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.

14 million Computer Generated Image of Transport for Greater Manchesters

proposed second Metrolink route across the city centre
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www.Oneangelsquare.co.uk
26
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 faade 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
excellent natural light throughout.
efficiency and flexibility.
The configuration of the cores
permit an extensive range of
options for letting and sub-
division 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.
The building benefits from a
large full height atrium, providing
There are 146 parking spaces at
One Angel Square manchester
27
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.
Computer Generated Image of the public realm
www.Oneangelsquare.co.uk One Angel Square Manchester

28 29

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 Vendors rights in respect of the construction

contract and professional appointments can be assigned.

AWARD-WINNING HEAD OFFICE

2011 2012
North West Insider Awards Property Week Awards

Design Patron of the Year Sustainability Achievement Award

2011 2012
Builder and Engineer Awards Green Apple Award

Sustainable Project of the Year Bronze Award

Client of the Year Large Private Project of the Year
Architect of the Year: 3DReid
www.Oneangelsquare.co.uk One Angel Square Manchester

30 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

www.Oneangelsquare.co.uk
32
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
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.
Design Features
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-operatives
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 faade 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 manchester
33
BREEAM RATING
Outstanding
EPC Rated
A
DEC Rated
Benefits
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
A
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
It is the First commercial building
to ensure the building is used
in a sustainable way including
creating a green travel plan for
of this size and scale to achieve all
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
three of these standards*
*Ratings are predicted and based on building designs.
and hot desking to drive maximum
space efficiency.
www.oneangelsquare.co.uk One Angel Square Manchester

34 35

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

14th Floor
12th Floor Offices 11,927 1,108
13th Floor
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

9th Floor
6th Floor Offices 28,987 2,693
8th Floor
5th Floor Offices 27,480 2,553
7th Floor
4th Floor Offices 28,987 2,693
6th Floor
3rd Floor Offices 27,480 2,553
5th Floor
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

Ground
Basement Parking (146 spaces)
Lower Ground
Total 327,643 30,439
Basement
A duty of care from Plowman Craven will be available to the purchaser.
www.Oneangelsquare.co.uk One Angel Square Manchester

36 37

Floor plans

Atrium
Loading
Bay

LOWER GROUND FLOOR Indicative office FLOORS

18,912 sq ft Up to 29,000 sq ft
1,757 sq m 2,694 sq m

Ter r
Reception

a ces
GROUND FLOOR Indicative Terrace FLOORS
36,178 sq ft The 8th, 9th, 10th, 11th, 12th, 13th and
3,361 sq m 14th floors benefit from terraces
Not to scale: For indicative purpose only
www.Oneangelsquare.co.uk One Angel Square manchester

38 39

Tenure

Freehold.

The total site area (indicated red) extends

to approximately 1.27 acres (0.51 hectares).
Public Realm is shown edged blue.
NE
ASP

E
AN

LA
ST
IN LA

NL

PIN
OW

OW

AS
ILL

NE

CR
M

T
EE

ST

T
EE
STR

TZIC

STR
ION

E
YL
DAN

ST
AT
OR

MU
RP

NS
TER
CO

AN

STR
EET
GE
LS
TR
EE
T
OW
KR
WIC
BES

Public realm

MI
LLE
RS
TRE
ET

MA
YE
SS MIL
TR LER
EE STR
T
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.
www.Oneangelsquare.co.uk One Angel Square manchester

40 41

Tenancy PLANNING AND TAX

The property is to be let in its entirety to The Co-operative Capital Allowances

Group Holdings (2011) Limited (IP Society number IP28501R) It is the Vendors intention to retain all
plant and machinery Capital Allowances.
on full repairing and insuring terms for a term of 25 years VAT
from September 2012 (Lease expiry 2037). The property is elected for VAT purposes
and therefore VAT will be payable on
The Co-operative Group Limited (IP Society number IP00525R) the transaction.
will guarantee the lease obligations for the duration of the lease. Planning
The local planning authority is Manchester
City Council.

initial Rental Profile

The initial rent of approximately
Use Rent ( per sq ft) Rent ( per sq m) 9,000,000 per annum equates to
Lower ground floor 10.00 107.64 an average rent of 26.15 per sq ft
or 281.45 per sq m, excluding cars.
Ground floor reception and atrium 13.50 145.32 The precise initial rent will be
calculated based on the areas
Ground floor offices 26.00 279.87
provided by Plowman Craven
Office floors 1-14 28.00 301.40 and using the rental breakdown
detailed (see left).
Basement car parking 3,000 per space 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
PROJECTED Rental Profile annum and a maximum increase
of 4% per annum, compounded.
The rent will increase within the following range within the term of the lease:
There are three tenant options
Minimum Rent () Maximum Rent () to extend the lease for a further
10 years at an open market rent,
Years Per Annum Per sq m Per sq ft Per Annum Per sq m Per sq ft each subject to a tenant option to
determine on the 5th anniversary.
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 Please see Appendix 1 for a
Summary of the Occupational Lease.
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

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
www.Oneangelsquare.co.uk One Angel Square Manchester

42 43

Covenant The Co-operative group

Overview The Co-operative family of Businesses

The Co-operative Group is the UKs largest

consumer co-operative, offering a wide range
The UKs fifth largest food retailer with Europes most sustainable financial services provider,
of services including food, financial services, a store in every postal area, serving more offering banking and insurance services to personal
pharmacy, funerals, legal services, life than 14 million customers a week. and business customers.

planning, motor vehicles and electrical goods.

Owned and democratically Profits are shared with each

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.
member according to how much
they spend over the year and in
2011, 142 million was paid back
to members.
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.
The UKs 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 thats
18% of all funerals in the UK
The Co-operative Group also operates commercial
activities in security and clothing and have
established a joint venture with Thomas Cook,
which constitutes the UKs largest travel agency.

INVEST IN 150 13.3 billion 5,000+

YEARS OF SOCIAL
Gross sales Retail trading outlets

102,000 21 million
AND ETHICAL Employees Customers served every week across the businesses

ENTERPRISE 7.2 million Members

www.Oneangelsquare.co.uk One Angel Square Manchester

44 45

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
Cooperative 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% Indirect Holding

The Co-operative Group The Co-operative Financial

Holdings (2011) Limited Services Limited

100% 100%

Funeral Services The Co-operative Group Somerfield Stores

Limited Food Limited 100% 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
Moodys 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-
www.Oneangelsquare.co.uk One Angel Square manchester

46 47

APPENDICES
APPENDIX 1
SUMMARY OF OCCUPATIONAL LEASE TERMS 48

APPENDIX 2
SUMMARY SPECIFICATION 50

APPENDIX 3
MARKET COMMENTARY 52
www.Oneangelsquare.co.uk
48
APPENDIX 1
SUMMARY OF OCCUPATIONAL LEASE TERMS
Lease Date
The lease is to be put in place upon completion
of the sale of the property.
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.
Initial Rent
9,000,000 per annum.
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.
One Angel Square manchester
49
Alienation Repair
The lease contains a test on assignment whereby the The tenant is required to keep the premises in
landlord may withhold its consent to an assignment good and substantial repair, subject to a fair wear
if the assignee is not a permitted assignee. and tear exception in the last 3 years of the term.
Landlords consent is not required to an assignment Yield Up
to a permitted assignee.
There is no dilapidations or reinstatement liability,
save in the case of structural alterations completed
A permitted assignee is one which either has a
during the term which reduce the net internal area
Standard & Poor rating of no less than BBB stable
by more than 2.00%.
or the equivalent at Moodys or Fitch or, if it does
not have such a rating, is of no lesser covenant
Alterations
strength than an entity which does have such
a rating and assignment to it would give rise to Alterations to the exterior of the building are
no loss of reversionary value by the landlord. precluded without landlords consent, other
than the conversion of the first floor business
There is no Authorised Guarantee Agreement on lounge and/or the 9th-14th floors terraces to
assignment to a permitted assignee.
bring them within the floorplate. Internal
structural and non structural alterations
The lessee is permitted, subject to the lessors prior maybe carried out without landlords consent
consent (which is not to be unreasonably withheld but are subject to a notification requirement.
or delayed) to:
Estate Service Charge
i. Sublet the entire demise
The tenant is to be responsible for payment
ii. Sublet whole floors or multiples thereof
of the NOMA estate service charge.
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
Naming Rights
iv. Sublet up to four floors to a serviced office The lessee has a right to name the building.
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.
www.Oneangelsquare.co.uk
50
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 faade with extended fins to
provide solar shading. Within the double skin faade
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 faade and full height curtain
walling to the terraces.
Level 15 (Plant Room) External walls comprise
full height utilised double skin faade 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.
One Angel Square manchester
51
Ceilings Fully serviced ceiling raft incorporating Air Cooling/Heating Car Parking
chilled beams, lighting, sprinklers and PIR sensors
Air cooling is provided via chilled beams utilising 146 spaces which includes 8 accessible
within each of the coffers. Chilled beams are factory
concrete reducing cooling load for reduced energy and 23 motorbike spaces.
sprayed white metal panels system.
consumption. Heating is provided via incoming air
through the raised access floor and supplemented Minimum 2.3m x 4.8m parking bays
External Terrace Perimeter walls to the terrace
with perimeter heating.
consist of double skin glazed faade, atrium roof and
Minimum 6m width search lines
glazed stainless steel balustrade. Composite concrete
pavers form the finished external surface with pebble Fresh Air
Maximum 1 in 6 ramps
borders between double skin faade, office glazing 12 L/S based on 1 person per 8m or 10m
and terrace material.
5 contractor spaces
Humidity Control
Raised bed planters allow for soft landscaping on
Levels 8, 10-14. Maximum 60% RH Cycle Provision
105 cycle storage stands
Dead Loads Temperature
0.5 kN/m raised floors 24 degrees C +/- 2 degree C with chilled beams
(21 degrees C in winter)
Imposed Loads
Lighting Design
Office Areas 4 kN/m inclusive 1 kN/m
for partitions Lighting Level 300-500 lux
High Load Zones 7.5 kN/m + 0.5 kN/m Fire Alarms
Up to 10 kN/m in plant areas L1 system with voice chip sounders
Column Spacing Sprinkler System
Minimum 7.5m column free floorplate Full sprinkler coverage in compliance
(max 16m span) with Approved Document part B
Slab to Slab Height Emergency Power
Basement 3.0m Uninterrupted power source (UPS) plus
Lower Ground Floor 5.0m standby generators
Ground 8.0m (part fit out for level 1)
Level 2 14 offices 4.0m Means of Escape
Density one person per 6m, for Fire Escapes/Lifts
Floor to Ceiling Height
Typical Office Floor 2.8m Toilet Provision
Raised Floor Based on occupancy of average one person to 8m
400mm (350mm clear void) Noise from Service
Open plan offices NR38
Planning Grid
Cellular offices NR35
1.5m x 3m Meeting/Board Rooms NR30
(Chilled Beams dictate 3m centres) Circulation/Cores NR40
Occupancy Lifts
Generally based on 1 person per 8m, 10 No.17 person passenger lifts
and is capable of upgrading to 1 person 3 No.21 person service lifts (1 in each core)
per 6m in certain areas. Destination Control System
 www.Oneangelsquare.co.uk One Angel Square manchester

52 53

APPENDIX 3
Market Commentary

Occupational Market Rents Supply

Manchester is the largest regional city centre Prime rents for Manchester city centre now stand at The supply of Grade A stock in Manchester currently
office market with a total stock of approximately a headline rental level of 30 per sq ft (325 per sq m). stands at 500,000 sq ft (46,452 sq m) within the city
20,000,000 sq ft (1,858,000 sq m). Manchesters Prime rents are expected to rise by 8.1% between centre and provides approximately 1.5 years take-up
financial and professional services sector employs 2012 and 2016 in Manchester driven by continued at the historical trend rate.
over 250,000 people across 29,000 businesses and, occupier demand and the gradual erosion of
with a long history of mergers, consolidations and Grade A supply. Development Pipeline
attracting inward investors, the city records the
The development pipeline remains muted with
highest take-up levels across the regions of close
no space currently under construction or speculative
to 1,000,000 sq ft (92,900 sq m) per annum.
starts anticipated this year. The only exception to
this is No 1 St Peters Square which is part pre-let and
Take-Up
will include approximately 200,000 sq ft (18,581 sq m)
Manchester continues to outperform the Big 6 of speculative office space due to PC to shell and core
regional centres in terms of take-up with 699,050 sq ft in May 2014.
2010 3.9 million sq ft 2011 3.1 million sq ft
(64,942 sq m) transacted in 2011, that represents a 2011 Take-Up by Size 2011 Take-Up by Sector
very similar level to the 5 year average take-up figure
of circa 800,000 sq ft (74,323 sq m). 800,000 800,000
Edinburgh 12% 14% 700,000 700,000
18% 18%
Glasgow 600,000 600,000 Other
2010 3.9 million sq ft
17% 2011 3.1 million sq ft 500,000 500,000 2011 Take-Up by Size 2011 Take -Up by Sector
Leeds 10% 2011 Take-Up by Size 2011 Take-Up byPublic
SectorAdministration
12% 22%
400,000 400,000
Manchester 50,000-100,000 sq ft Manufacturing Industry
800,000 800,000
300,000 300,000 800,000 800,000
Birmingham
Edinburgh 12% 7% 14% 13% 25,000-50,000 sq ft Services Industry
700,000 700,000
18% 18% 200,000 200,000
34% 700,000 700,000
Bristol
Glasgow 23% 600,000 10,000-25,000 sq ft 600,000 OtherProfessional Services
100,000 100,000
Leeds 17% 500,000 0-10,000 sq ft 500,000 PublicBanking
600,000& Finance Services
Administration 600,000 Other
12% 10% 0 0
22%
400,000 400,000
Manchester 50,000-100,000 sq ft Manufacturing
500,000 Industry 500,000 Public Administration
300,000 300,000
Birmingham 7% 13% 25,000-50,000 sq ft Services Industry
200,000 200,000 400,000 400,000
34% 50,000-100,000 sq ft Manufacturing Industry
Bristol 23% 10,000-25,000 sq ft Professional Services
100,000 100,000
300,000 300,000
0-10,000 sq ft Banking & Finance Services 25,000-50,000 sq ft Services Industry
0 0
200,000 200,000
10,000-25,000 sq ft Professional Services
100,000 100,000
1,400,000 0-10,000 sq ft Banking & Finance Services
0 0
Big 6 average Manchester city centre
1,200,000

1,000,000

800,000
sq ft
1,400,000
600,000
Big 6 average Manchester city centre
1,200,000
400,000
1,000,000
200,000
800,000
sq ft 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1/2012
600,000

400,000

200,000
www.Oneangelsquare.co.uk One Angel Square Manchester

54 55

Investment Proposal

Offers are invited for the freehold

interest in One Angel Square, subject
to contract and exclusive of VAT.
www.oneangelsquare.co.uk

56

CONTACT

For further information or to arrange an

accompanied inspection, please contact:

Mark Williams Andrew Hawkins Jonathan Mills
mwilliams@whrproperty.co.uk andrew.hawkins@eu.jll.com jonathan.mills@eu.jll.com
DL: +44 (0)161 819 8220 DL: +44 (0)20 7399 5840 DL: +44 (0)161 828 6460

Dan Crossley Rob Jackson Matthew Stretton

dcrossley@whrproperty.co.uk robert.jackson@eu.jll.com matthew.stretton@eu.jll.com
DL: +44 (0)161 819 8221 DL: +44 (0)20 7399 5029 DL: +44 (0)161 828 6493

Michael Hawkins Jones Lang LaSalle Jones Lang LaSalle

mhawkins@whrproperty.co.uk 10 Gresham Street One Piccadilly Gardens
DL: +44 (0)161 819 8208 London Manchester
EC2V 7JD M1 1RG
WHR
The Lexicon +44 (0)20 7248 6040 +44 (0)161 828 6460
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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