City centre office secures record rent and two new occupiers
A refurbished office building in Birmingham city centre has recorded a record rent and has attracted two new occupiers.
Recruiter, Community Resourcing has taken 2,848 sq ft at the front of Lombard House on the building’s fourth floor overlooking Great Charles Street Queensway on a 10-year lease and at a landmark rental value of £18.75 per sq ft.
Additionally, creative communications agency, Grin has taken the 1,902 sq ft suite on the rear of the fifth floor on a five-year lease, achieving a rent of £17 per sq ft.
The lets are said to reflect the continued requirement for smaller, high quality spaces.
Situated on Great Charles Street in Birmingham city centre, Lombard House is one of a portfolio of seven buildings acquired in 2015 by AG Dunedin Birmingham Estate Venture, a joint venture between Angelo Gordon and Dunedin Property Asset Management.
The portfolio includes Lombard and neighbouring Charles House, which have both received comprehensive refurbishments, and 154-155 Great Charles Street Queensway, from which Community Resourcing is relocating.
Adam Smith, on-site asset manager, Dunedin Property Asset Management, said: “The letting to Community Resourcing represents a high rent mark for the building and their decision to remain within the estate is fantastic. The value that we’ve achieved here speaks to the quality of the space, both in terms of the refurbished offices and extensive improvement works that have been undertaken to the reception and common areas.
“We’ve seen significant interest in both Lombard and Charles House since we began the refurbishment process, demonstrating that there is still a significant level of interest in the market for spaces that have been designed with smaller occupiers in mind. We are committed to delivering the best possible space across the Great Charles Street portfolio and have been significantly buoyed through the levels of interest that we’ve experienced.”
The lettings to Grin and Community Resourcing leave just 6,120 sq ft available across two suites in the building on the sixth and seventh floors.
The activity has prompted Dunedin to hire a new front-of-house manager, Taslima Ahmed, who will oversee delivery of tenant services for the estate as well as admin and marketing support.
