Multi-million investment reaps rewards for Alpha Tower owner
A MULTI-MILLION pound investment into one of Birmingham city centre’s most iconic office schemes has paid dividends with a string of new lettings.
Lombard Risk Management, Probrand, Ecclesiastical Insurance Group and Galliford Try have all committed to new leases at Alpha Tower.
The deals total 25,000 sq ft and justify CEG’s decision to commit £15m to the upgrade of the tower, now known simply as Alpha.
The floor-by-floor rolling refurbishment of the 28-storey, 190,000 sq ft building continues, with £6m of the £15m capital expenditure programme committed. This has delivered a new reception area, café operated by local independent Sixteen Kitchen, break-out area, quality shower facilities and 200 secure cycle racks.
Lawrence Escott, CEG’s investment manager, said: “The on-going £15m investment into this flagship building is providing high quality business space, at a competitive price point and helping to attract significant interest from a number of high profile occupiers.
“We are continuing a cycle of refurbishment across each floor of this iconic tower, which is enjoying a renaissance thanks to CEG’s investment and the exciting projects happening in the immediate area.”
Alpha has taken on fresh significance due to its prominent location close to the ongoing Arena Central and Paradise developments.
Theo Holmes, a director in CBRE’s Birmingham office agency team, said: “CEG have done a fantastic job repositioning this much loved fixture of the Birmingham skyline. CEG’s meticulous attention to detail has created flexible high quality floor plates and onsite tenant amenity that separates the building from the competition. The building is in a class of its own at the quoting rent and reflected in the current level of interest.”
CEG manages a portfolio of buildings in Birmingham including Tricorn House and Smallbrook Queensway, where the company is proposing a multimillion redevelopment scheme to deliver new Grade A commercial space, city centre homes and retail and leisure facilities.
As a further sign of the company’s commitment to Birmingham, it is opening a new 1,500 sq. ft. Midlands office within the refurbished Alpha, where its six-strong Midlands’ team will also be joined by new recruit, chartered town planner, Jonathan Wood (left).
Mr Wood has joined the firm from Redrow Homes and brings with him a decade of property and development experience. In his new role he will be responsible for finding development and investment opportunities to grow CEG’s Midlands operation.
He said: “In addition to seeking new development opportunities, I’m looking forward to assisting with planning matters on CEG’s extensive Midland’s portfolio which includes almost 3,500 acres of land capable of supporting 16,000 new homes and 600,000 sq m. of new commercial space.”
