JAMIE Philips, (below), office agency associate with consultancy Knight Frank, takes a look at Temple Point tower in central Birmingham for Office of the Month.
Give us a brief description of the tower:
Temple Point is a 12-storey, 1960s built office tower located on Temple Row, in the heart of Birmingham city centre. Formerly known as Windsor House, the building underwent a full back-to-frame refurbishment in 2008.
This included the installation of a new full-height glazing system to maximise natural daylight into the offices and make the most of excellent views over the city core and beyond. It also created an impressive, double height reception.
There are flexible floor plates and grade A office accommodation. What’s the most interesting feature about the development?
Through the refurbishment, many original and interesting features were kept from the 1960s building. These include the huge clock on the tower, which can be been from all over the city centre, as well as the black marble from the original reception and common areas, which was carefully removed during the refurbishment and reused.
Due to the central location and accommodation, Temple Point was the first building in Birmingham to achieve a headline rent of £30 per sq ft in 2008.
What’s the history of Temple Point and what first attracted the owner to it?
It was built as an office and housed various council departments and private firms. The current owner AXA added the building to its portfolio in 2008, as it rightly identified it as a strong investment opportunity in the region.
It was attracted by the opportunity to redevelop a well-known landmark and create a building for today, which benefits from being at the heart of the city’s financial and retail centre. How much office space is occupied and how much is available?
Over 50% of the building is occupied with circa 37,000 sq ft available. The rectangular floor plates range in size from 3,300 to 6,700 sq ft and can be subdivided down to 2,200 sq ft. Current tenants include Yorkshire Bank, investment managers Rathbone Brothers and Giles Insurance.
Who owns the building and how is it being financed?
The building is owned by the life fund AXA. Knight Frank and CBRE are appointed as joint agents. What rents are you quoting?
As market conditions dictate, rents are from £22.50.
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It was attracted by the opportunity to redevelop a well-known landmark and create a building for today, which benefits from being at the heart of the city’s financial and retail centre.
