June 6, 2017
Salmon Harvester Opportunity Fund (SHOF) has agreed a deal with Starbucks at Cathedral Square in Worcester and simultaneously completed the largest single floor plate office letting in the city for 20 years with Harrison Clark Rickerbys.
Solicitors Harrison Clark Rickerbys, has signed a 15 year lease, with 5 yearly rent reviews and 6 months rent free, for 950 sq m (10,225 sq ft) on the second floor of 15 High Street. The tenant is paying £112,000 per annum and has taken space previously occupied by Slaters Menswear, which has been converted to Grade A office space as part of the £20 million redevelopment of Cathedral Square. Harrison Clark Rickerbys has more than 450 staff and 6 offices based across the midlands and south of England, with its heart in the 3 Counties.
Starbucks has agreed terms for a prominent 139 sq m (1,500 sq ft) unit on the ground floor, at the entrance to Cathedral Square. Subject to agreement with the City Council, the unit will also benefit from an outside seating area overlooking the Cathedral.
Cathedral Square reached practical completion last month and has been handed over to tenants for fit out, prior to a grand opening on the 29th July. The development is now over 95% pre-let with one unit of 3,500 sq ft remaining. The new line up also includes Ask, All Bar One, Byron Hamburgers, Cosy Club, Miller and Carter, Fitness4Less, Yo! Sushi, Kung Fu, Starbucks and Wilko.
Nick Webb of SHOF comments, “Starbucks complements our new line up perfectly and the deal with Harrison Clark Rickerbys secures a major employer in Worcester city centre. This redevelopment brings 10,000 sq m of floor space back into use, redefines the retail and leisure pitch in Worcester and brings much needed regeneration to this part of the city centre.”
David Blake, Managing Director at Worcester City Council added, “The new look Cathedral Square will be a fantastic leisure and shopping destination for Worcester city centre. Securing the presence of a top law firm like Harrison Clark Rickerbys and the international brand Starbucks, is the icing on the cake for this major boost to our city’s economy.”
Rod Thomas, Managing Partner at Harrison Clark Rickerbys, said, “Although now a regional firm, we value our roots in the heart of the city and are delighted that our long term future here has been secured in a fully refurbished modern office. The location gives our staff a great place to work and socialise from, as well as keeping them near the local community they give so much back to.
“This deal allows us to continue to attract and retain the talent we need to maintain our growth, as we increasingly recruit our experts from City and top national firms. Drawn to Worcester by the attractions of the local area, our staff expect both top level client work and modern office facilities.
“We would like to thank the City Council generally and David Blake in particular. Their support and understanding has been crucial to this project as they supported our goal to remain in the city.”
Charles Warrack, Partner at Johnson Fellows comments, “The letting to Harrison Clark Rickerbys is a major boost to the Worcester city centre office market, proving its attractiveness to occupiers when given a compelling choice for Grade A offices.”
Cathedral Square includes a new public square, jointly funded by Worcestershire County Council, Worcester City Council and the Worcestershire LEP. It will provide a new space for public events and for residents, visitors and shoppers to dine and relax, overlooking Worcester Cathedral.
SHOP is advised by Johnson Fellows, DMR and Hartnell Taylor Cook. Starbucks were advised by Johnson Fellows.