FTSE 100 housebuilder, Berkeley Group, has agreed to acquire 4,700 sq ft of Birmingham office space at 9 Colmore Row in the heart of Birmingham’s business district.
Acting jointly on behalf of BNP Paribas Real Estate, Birmingham commercial property agents KWB and Savills agreed an assignment of the remainder of a lease, which expires in 2020. The office space was acquired in a fully-fitted ‘plug and play’ condition. Berkeley Group will trade as St Joseph Homes, a brand which operates in the West Midlands.
Berkeley Group is relocating its West Midlands headquarters office from Solihull to Birmingham’s central business district – representing an interesting example of inward investment for Birmingham city centre.
Offices at 9 Colmore Row represented an appealing prospect, sitting adjacent to Snow Hill railway and Midland Metro stations and on the edge of Birmingham city core, with the broad range of amenities the city offers right on the property’s doorstep.
Mark Robinson, Director at KWB, said: “9 Colmore Row is a suitably prestigious city centre address in keeping with Berkeley Group’s vision and values. In the heart of Birmingham’s financial and professional district, it is close to its clients and consultants and extremely well located for travel across the region and to London. As a FTSE 100 company, Berkeley Group also provides a great covenant for our client.”
KWB’s office market research identified a developing drought in refurbished, high quality, medium-sized office space in Birmingham city centre. The lack of space in and around the 5–10,000 sq ft bracket has occurred following strong levels of take-up in this area of the market in recent years – particularly in 2017.
KWB recommends that companies requiring office space of this size and considering their Birmingham office space options, to get in touch to avoid relocation issues caused by lack of availability.