Property fund to invest £4.5m in Birmingham office building

STANDARD Life Investments Pooled Pension Property Fund is investing £4.5m refurbishing a Birmingham city centre office building.

The building – 19 Cornwall Street – is home to business advisor and accountancy firm PwC, which occupies its first four floors.

The building was also formerly the home of property consultancy CBRE which moved out to take residence of a new headquarters building in nearby Temple Row in September. 
 
The work on the building will provide an additional 42,000 sq ft of Grade A space, including a new double height entrance and re-designed reception area.  The top three floors will also benefit from new air conditioning, ceilings, lighting, toilets and showers as part of the fund’s on-going asset management strategy at the property.
 
David Stewart, fund manager at Standard Life Investments Pooled Pension Property Fund, said: “We have seen a strong increase in occupier demand for quality office space in the Birmingham market over the last year, which is why we are making this significant investment in 19 Cornwall Street.”

Savills and GBR Phoenix Beard have jointly been instructed as letting agents.  

Nick Williams, office agency director at Savills, added: “With demand for Grade A business space in the city centre significantly outweighing supply, occupiers are increasingly looking for high quality refurbishments to meet their needs.
 
“Recent activity such as HSBC’s commitment to the city recognises both the strength of the Birmingham offer and rationale to generate further true Grade A stock, particularly larger and more efficient floor plates.”

Work on the refurbishment is due to be completed next month.

Click here to sign up to receive our new South West business news...
Close