12 Sep 2017

M7 agrees largest letting in Wigan in a decade with new Shearings HQ

London, 13 September 2017 – M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that on behalf of M7 Real Estate Investment Partners II (“M7 REIP II”), it has secured the letting of 18,000 sq ft of prime office space to Shearings Leisure Group (“Shearings”) at Waterside House in Wigan, Greater Manchester, the largest letting by sq ft to take place in Wigan since 2007.

Shearings, the specialist operator of escorted tours and leisure hotels, has agreed a 10 year lease for three floors of previously vacant Grade A accommodation in Waterside House. Waterside House benefits from close proximity to the A49 with easy access to the M6, offering excellent connectivity to the centre of Manchester as well as the rest of the UK. Following this letting, Waterside House has only one vacant 7,500 sq ft floor remaining. Shearings is the UK’s largest escorted tour operator, offering a broad range of holidays and hotel breaks to more than 200 destinations across the UK,Europe and Worldwide and has been established for over 114 years.

John Murnaghan, Head of UK Real Estate at M7 commented, “This letting further demonstrates the attractiveness of Grade A accommodation in regional office locations, something that has been a key factor in the outperformance of M7 REIP II.

“Waterside House is considered the best office in Wigan due to its unparalleled location and quality of space, and as a historic and well-established local business, Shearings is the ideal tenant for this building and we are pleased to have provided their team with a new HQ in a space that truly reflects both the business’s brand and Wigan heritage.”

Gary Speakman, CFO and Deputy CEO at Shearings commented, “Having conducted a thorough search for our new head office, we were delighted to secure Waterside House, which we regard as the best office space in Wigan. The building itself and the location fits well with our growth strategy for the Shearings Leisure Group. M7 engaged with us positively from the outset which has enabled us to complete the deal relatively quickly.”

Shearings were advised on the deal by Rob Hayes of Schofield Sweeney LLP and Dan Crawshaw of Parkinson Real Estate.