Refurbished offices sold to help businesses grow
APAIR of commercial property developments in the West Midlands have now been sold in their entirety following refurbishment programmes.
All the units in 50-54 St Paul’s Square, in Birmingham’s Jewellery Quarter, and Newton Court, on Pendeford Business Park in Wolverhampton, have been acquired a long-leasehold basis.
The two developments, aimed at the SME market, are part of Bridges Sustainable Property Fund which is managed by London-based investor Bridges Ventures.
Number 50-54 St Paul’s Square is a 20,000 sq ft, Grade II-listed former jewellery workshop.
It was acquired by Bridges Ventures in January 2013 at which time it was only 40 per cent occupied.
Bridges Ventures – founded in 2002 to develop investment and entrepreneurial talent – completed an extensive refurbishment that incorporated a number of sustainable features, including energy-efficient lighting and heating systems.
The property was subsequently converted into 25 office units, alongside a ground-floor bar occupied by The Rectory, and marketed to SMEs as long-leasehold sales at an average of £175 per sq ft.
Newton Court comprises more than 23,000 sq ft of office space in nine, self-contained units.
The investment enabled the growth of an SME hub to support engineering and manufacturing businesses located in the i54 Business park opposite, home to the new £450 million Jaguar Land Rover factory where the motor manufacturer designs and builds engines.
Originally acquired in October 2013, the individual units were refurbished and offered for sale at £110 per sq ft, on a long-leasehold basis, to businesses and SMEs wishing to own and occupy their own properties.
Bridges Ventures’ previous projects include 158/170 Edmund Street in Birmingham’s Colmore Business District.
Partner Guy Bowden said: “Affordable, high-quality SME office space can play an important role in supporting economic regeneration and boosting local employment.
“Both St Paul’s Square and Newton Court are good examples of how thoughtful refurbishment of semivacant buildings can bring them back into economic use and tap into the latent demand from local businesses.
“They also highlight the recent trend for SMEs to want to own their own offices, which gives them greater control of their destiny and allows them to benefit from capital growth as the area regenerates.”
KWB acted as the agent for St. Paul’s Square and jointly with Bulleys for Newton Court.