KWB commercial property agents have helped Maximus achieve a record rent for Bromsgrove office space at its landmark Topaz Business Park, located adjacent to Junction 1 of the M42.
Bromsgrove, as shown in KWB’s quarterly office market research, has seen few lettings and sales in recent years, despite no lack of demand. This has been due to a severe drought of available, good quality office space, which has driven up rental expectations for the area’s best office stock.
Acting for Maximus in an off-market deal, KWB secured a figure of £18 per sq ft on 3,125 sq ft of office space at Unit 5 Topaz Business Park, Bromsgrove on a new five-year lease to building contractor, MV Kelly, which has its head office in Birmingham.
Topaz is a courtyard office scheme built to provide, primarily, freehold and investment office space in Bromsgrove. All units which were available to purchase were sold and, as such, the development has been fully income-producing for some time.
Malcolm Jones, a senior member of KWB’s office agency team, pictured right, said: “Topaz offers the best office space in Bromsgrove, so it’s to be expected that it should set a new record rent. These self-contained, high specification, low-density courtyard style offices – in a managed, landscaped setting next to a major communications route – quite rightly command a premium.
“Such is the demand for office space at Topaz that, as soon as the outgoing tenant decided not to renew its lease on Unit 5, we were able to re-let the office space immediately, without it going onto the market.
“There is a real lack of quality office space in Bromsgrove at present, and a pent-up demand from organisations looking to expand their presence, or relocate into the town.”