KWB is delighted to announce its newest instruction for office space in Birmingham city centre. Freshwater Group has instructed KWB and JLL to market 10 Temple Street – 39,000 sq ft of offices to be refurbished to Grade ‘A’ standard, situated in the strategic thoroughfare that Temple Street has now become, due to its location opposite the new entrance to New Street Station.
KWB has been advocating the refurbishment of office space in Birmingham city centre since the end of last year, when KWB Partner, John Bryce, said in response to the announcement of HS2’s huge take-up of space at Two Snowhill offices in Birmingham:
“The much publicised shortage of Grade ‘A’ office space means that property owners who are bringing offices to market by way of refurbishment will do exceptionally well. Refurbished office space is much more readily available, and whilst any new builds within Birmingham city centre will be several years in the planning and making, the trick for investors and developers will be that if you get your office space in good condition, through refurbishment, and market it, you will let it.”
This new instruction – for which KWB will be working alongside commercial property agent JLL – follows that advice, with a thorough refurbishment programme, worth £4 million, about to commence. 10 Temple Street will be hitting the office market at exactly the right time in Spring 2016, bringing much needed high quality office space to Birmingham city centre.
The lack of Grade ‘A’ office space in Birmingham city centre demands for new build space, something which we can now see on the horizon, as confirmed in KWB’s recent research article, ‘Return of the cranes’. But it is also a green light to property owners to refurbish existing space to bring it up to spec. The refurbishment of 10 Temple Street is bang on trend and a perfect commercial property to benefit from such an investment, given its highly strategic location.
Due to the repositioning of the entrance to New Street Station and access to the new Grand Central shopping centre, people will commute across New Street up Temple Street to Colmore Row and the central business district, soon to be home to the employees of HS2 at Two Snowhill. This means that Temple Street is expected to become a critical area for offices, restaurants and retail property, with demand for the lucrative space anticipated to become fiercely competitive.
KWB Partner, John Bryce commented: “In light of the recent transaction trends for office space in Birmingham city centre, we are looking to target 10 Temple Street at the recruitment and financial services sectors, and our refurbishments to – and marketing of – the property, which will be rolled out in the coming months, will reflect that”. Again, these trends are evident in KWB’s transaction research throughout 2014.
Of 10 Temple Street’s significance, John continued: “We are delighted to have this crucial office property added to our portfolio at such a pivotal moment for Birmingham city centre. The changes happening in the City play very much in the property’s favour – Temple Street’s footfall is increasing as it becomes a busier thoroughfare for commuters, and we believe office space at 10 Temple Street will be much sought after.”
The office space, which is set above a Maplin retail outlet, is to be let by floors and will be available as of Spring 2016. Availability will range from an anticipated minimum take-up of 2,400 sq ft on the top floor, as it may be split in two, 4,600 sq ft on each of the other floors and a potential total letting size of the building’s full 39,000 sq ft.
For more information on 10 Temple Street, soon to come to market, and other office space in Birmingham city centre, please contact John Bryce by calling 0121 212 5988 or email firstname.lastname@example.org.