More than 14,000 sq ft of office space let ‘demonstrates resilience of regional market’
Two funds managed by Clearbell Capital have let more than 14,000 sq ft of office space, which it said demonstrate the resilience of the regional market as infrastructure improvements and competitive rents are driving a number of businesses out of London.
CPP II has let over 9,500 sq ft at Blenheim Court in Solihull to UK Power Reserve and Reaplt, made possible by reorganisation of existing tenancies.
UK Power Reserve, a low-carbon electricity and service provider, has extended its current space by an additional 1,800 sq ft on a five-year lease.
UK Power Reserve now occupies the majority of the sixth floor of Radcliff House.
ReapIt, a real estate software platform, a new tenant to Radcliffe House, has taken on 7,700 sq ft on the fifth floor, also on a five-year lease.
Following these lettings, Blenheim Court, a 148,000 sq ft building is now fully-let to 16 tenants.
Clearbell was advised by Savills.
Meanwhile, CPP III has let 4,700 sq ft to Gleeson Recruitment at Edmund House, the fourthletting since acquisition.
Clearbell has secured a new seven-year lease from the specialist recruitment firm, Gleeson Recruitment, for the ninth floor at Edmund House.
Edmund House comprises 78,000 sq ft of office accommodation including 10,000 sq ft of retail and restaurant space. It is located in the heart of Birmingham’s CBD.
Clearbell was advised by Savills, GVA and CBRE.
Dominic Moore, head of asset management at Clearbell Capital, said: “The Midlands has become an increasingly attractive location for businesses, with ongoing developments in the three major cities, Coventry, Solihull and Birmingham. All three cities are set to benefit from the HS2 development and are benefiting from much needed inward investment. The Midlands boasts a number of top tier universities including Warwick, Birmingham and Coventry. Not only does this attract talent to businesses in the region, but infrastructure improvements and competitive rents are driving a number of businesses out of London to the Midlands.
“We invested in this region across both our second and third funds with the aim to improve the supply of high-quality office space in these cities. Blenheim Court is fully-let and Edmund House continues to see demand from tenants. This reaffirms our strategy to provide Grade A office space in underserviced locations.”