Highways Agency move boosts troubled Cube
ADMINISTRATORS acting for Birmingham’s troubled Cube development have been given a shot-in-the-arm with the relocation of one of its major tenants.
The Highways Agency has begun moving its 700-strong team from Broadway Plaza at Five Ways, to its new 60,000 sq ft, BREEAM Excellent offices at the mixed use development.
PricewaterhouseCoopers in the Midlands said the move was a “vote of confidence” for the project.
The letting, which had been agreed prior to Cube owner Birmingham Development Company and its main contractor Build Ability going into administration, had been one of the most important in the city in recent months.
However, it took on extra significance two months ago when project backer Lloyds Banking Group refused to fund the development any further and asked administrators to move in.
Matthew Hammond, joint administrator and partner at PwC, said: “We are very pleased to have successfully accommodated the Highways Agency and that the move has gone to plan – this is a vote of confidence for The Cube and all involved in completing the building and marketing its space.
“Attracting a major public sector occupier demonstrates an extremely high level of quality and efficiency, and we are confident that this will provide encouragement to other occupiers, both commercial and residential, in the coming months.”
Ross Higham, Highways Agency relocations manager, was full of praise for the new building, and the team that helped to deliver it on time.
He said there was no denying the offices lived up to the iconic vision originally presented by architect Ken Shuttleworth.
“We have always stated the importance of working in effective and sustainable office environments, which support our people, and provide them with the best tools for the job,” said Mr Higham.
“These offices certainly achieve our remit for working effectively and efficiently.”
Despite initial concerns over the administration, all relocation deadlines were met and Mr Higham said this had resulted in a seamless, well-managed relocation.
“With the backing of the administrators, Build Ability have really pulled out all the stops to make the move as smooth as possible. We are delighted with the result,” he added.
With the agency taking around half of the building’s 120,000 sq ft of office space, attention is now switching to filling the remaining space.
PwC said the success of the agency’s move demonstrated the building’s potential and it was hopeful further tenants could be found quickly.
“The Highway Agency’s move represents a major milestone, demonstrating to potential occupiers that it’s business as usual and that The Cube is already living up to expectations,” added Mr Hammond.
Neil Edginton, director at Build Ability, said the building had many features which would make it attractive to potential tenants, sustainability being just one.
“The signature light gold, silver and bronze panels used on The Cube’s exterior not only add to the building’s iconic appearance, but also insulate and solar shade parts of the building to optimise temperature and natural daylight, again minimising unnecessary energy loss and heat gain,” he said.
“Achieving Energy Performance Rating Certificate rating B has been a major and rare achievement and will contribute to its BREEAM Excellence rating on completion of the mixed-use scheme planned for late summer this year.”
Mark Batten, Matthew Hammond and Peter Spratt, of PwC, were appointed joint administrators of Birmingham Development Company and Build Ability on March 26.
The Cube, designed by Make Architects, is listed as BDC’s principal asset. The building also includes residential, retail, restaurant and hotel space.
The development has been a major victim of the decline in the property market. A number of people hoping to move into new apartments, who committed to the scheme off-plan, have encountered problems securing a mortgage because of the credit crunch.
Those who did secure deals are waiting to hear from administrators about when they will be able to move in.
