The refurbished Lombard House in Birmingham city centre has recorded a record rent and has attracted two new occupiers, demonstrating a continued requirement for smaller, high quality spaces.
Recruiter, Community Resourcing has taken 2,848 sq ft at the front of the building’s fourth floor overlooking Great Charles Street Queensway on a 10 year lease and at a landmark rental value for Lombard House of £18.75 per sq ft.
Additionally, creative communications agency, Grin has taken the 1,902 sq ft suite on the rear of the fifth floor on a five year lease, achieving a rent of £17 per sq ft.
Situated on Great Charles Street in Birmingham city centre, Lombard House is one of a portfolio of seven buildings acquired in 2015 by AG Dunedin Birmingham Estate Venture LP, a joint venture between Angelo Gordon and Dunedin Property Asset Management.
The portfolio includes Lombard and neighbouring Charles House, which have both received comprehensive refurbishments, and 154-155 Great Charles Street Queensway, from which Community Resourcing is relocating.
Adam Smith, on-site asset manager, Dunedin Property Asset Management, said: “The letting to Community Resourcing represents a high rent mark for the building and their decision to remain within the estate is fantastic.
The value that we’ve achieved here speaks to the quality of the space, both in terms of the refurbished offices and extensive improvement works that have been undertaken to the reception and common areas.
“We’ve seen significant interest in both Lombard and Charles House since we began the refurbishment process, demonstrating that there is still a significant level of interest in the market for spaces that have been designed with smaller occupiers in mind. We are committed to delivering the best possible space across the Great Charles Street portfolio and have been significantly buoyed through the levels of interest that we’ve experienced.”
The lettings to Grin and Community Resourcing leave just 6,120 sq ft available across two suites in the building on the sixth and seventh floors.
The activity has prompted Dunedin to hire a new front-of-house manager, Taslima Ahmed, who will oversee delivery of tenant services for the estate as well as admin and marketing support.
Adam Smith continued: “Taslima’s appointment is crucial in ensuring that we are delivering the very best level of service to tenants and building users across the estate, providing first-class services that meet the requirements of modern occupiers including managing the common tenant facilities of meeting rooms, roof terrace, car parking as well as concierge services such as taxi booking, catering and dry cleaning.”
Great Charles Street Estate is a collection of six buildings situated on an island site in Birmingham city centre framed by Newhall Street, Lionel Street, Summer Row and fronting Great Charles Street Queensway, a main arterial route connecting the site to the A38 and national motorway network.
The estate also benefits significantly from its proximity to New Street and Snow Hill railway stations and situation adjacent to the Paradise development which will open new pedestrian routes to the city centre in summer 2017.
Joint letting agents for Great Charles Street Estate are GVA and LSH.