Fastest growing company acquires virtual freehold of Birmingham office suite in strata sale

KWB Birmingham commercial property agents have completed a strata sale on the second-floor office suite in a multi-let, multi-occupied Birmingham office building to one of Europe’s fastest growing companies.

Acting on behalf of landlord, Measure Corporation Ltd, KWB’s office agency team sold a long leasehold of 2,825 sq ft of office space on the second floor of Griffin House, 18 Ludgate Hill, Birmingham, to on-demand rubbish removal company Clearabee, ranked 17th in the UK and 70th in Europe in the Financial Times ‘Top 1000 Fastest Growing Companies’ in April this year (2018).

A strata sale of office space involves the selling of a piece of office space – be it a suite, floor or partial floor – within a larger office building.

Griffin House - strata sale offices Birmingham city centre

Founded in 2012, Clearabee is UK’s largest on-demand rubbish removal service operating exclusively through its own in-house team. Based in Birmingham and operating nationwide, Clearabee currently employs 180 people, operates a fleet of 80 trucks across the UK and achieved sales of more than £9m in 2017.

Malcolm Jones, Head of Office Agency at KWB, said: “Strata sales in office buildings such as this are still not as common in Birmingham as in London, but it can be a good way for landlords to unlock value in multi-let office buildings where there may be un-let suites or floors. This responds to the high demand for businesses to own their own property, at a size which is rarely available, especially in a city centre.”

“Last year (2017) we completed the virtual freehold sales of 25 office and retail units at another Jewellery Quarter office building at 50–54 St Paul’s Square, and we are also presently marketing virtual freeholds on small office suites at Rhubarb Studios in Digbeth, all of which are now under offer.

“Driven by the tax advantages of Self Invested Pension Schemes, low interest rates, and the continued willingness of banks to lend, there is still a large pent-up demand among business owners for office freeholds which should encourage more investors to consider the potential return on strata sales, especially in aesthetically appealing and improving areas such as the Jewellery Quarter.”

For more information on the strata sale of office buildings, or to discuss your office requirements, contact Malcolm Jones on 0121 233 2330 or email mjones@kwboffice.com.

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