Cubo breaks two-year Lincoln duck

The rapidly expanding flexible workspace provider has signed a 12.5-year lease on 16,000 sq ft at M&G’s Manchester office building, bringing the wait for its first tenant to an end.

Cubo, which also has sites in Birmingham, Sheffield, Leeds, Derby, Nottingham, and Edinburgh, is due to open its Lincoln workspace in Q4 of 2023. 

Marc Brough, chief executive of Cubo, said: “Having started in the Midlands and Yorkshire we are now extending our footprint across the whole of the UK.

“Finding the right location in Manchester has been high on our agenda for some time and The Lincoln meets our requirements perfectly. It offers the high-end, contemporary look and feel that complements our aesthetic within a super prime location.”

Located off Brazennose Street on the site of the former Brazennose House, The Lincoln is BREEAM Excellent and has extensive occupier amenities, including a large gym in the basement and a roof terrace.

Despite this, it had struggled to get a deal over the line since work completed on the Jon Matthews Architects-designed project in the summer of 2021, although the 100,000 sq ft building is understood to have been shortlisted by numerous companies. 

One firm that looked closely at the Lincoln was Deloitte. However, the company ultimately chose to relocate its Manchester team to 100 Embankment in Salford. 

Some commentators speculated the deciding factor in Deloitte’s move was cost. The quoting rent for 100 Embankment is somewhere in the early-to-mid £30s, whereas rents at The Lincoln start at £38.50/sq ft, about par for new Grade A space in the city. 

Read more about the Lincoln 

Aaron Pope, director of asset management at M&G Real Estate, said: “The development of The Lincoln continues our strategy of creating Grade A, sustainability-led assets of scale in prime locations across the UK.

“The Lincoln demonstrates our ongoing commitment to Manchester where our assets are attracting strong interest from leading and innovative occupiers such as Cubo, whose decisions are influenced by strong sustainability and wellbeing criteria, enabling us the opportunity to deliver compelling returns for our investors.”

Cubo’s arrival follows a trend of landlords installing flexible workspace providers in their buildings to offer flexibility to other potential occupiers. 

Manchester alone has seen this with Gilbanks at 11 York Street, Industrious at Landmark, and X+Why at 100 Embankment. 

Paddy Kennedy, who leads Colliers’ flexible workspace team, advised Cubo on the Lincoln deal. Kennedy has been involved in the arrival of several high-profile flexible workspace providers in Manchester in recent years, including Industrious at Landmark and Serendipity Labs at Exchange Quay.

“Cubo is a perfect fit for The Lincoln,” he said.

“Following a period of rapid growth, they have quickly established themselves as a leading provider of high-end flex office and co-working space in the UK.

“The fit-out and flexibility that Cubo offers will provide an added attraction to occupiers considering taking space in The Lincoln, as not only do they have the flexibility and meeting spaces at their fingertips, but they also benefit from the community feel and life that a well-run flex operator brings to a traditional office building.”

Knight Frank, Savills, and Cushman & Wakefield are the joint agents for the Lincoln.