Birmingham-based property company, Nurton Developments, has signed the first occupier to its latest city centre scheme, after a £2.7m refurbishment project.
The UK offices of global software company Bentley Systems has taken the third floor at 4 Temple Row; at the heart of the central business district. Bentley is a family-owned corporation based in the United States, founded in the early 1980s, which now runs operations in more than 50 countries from its Pennsylvania HQ.
4 Temple Row has seven upper floors – with a combined Grade A floor-space of circa. 23,500 sq ft – and is aiming to capitalise on the shortage of smaller floorplates in the Colmore Business District, with offices ranging from 2,500 to 4,400 sq ft.
Rupert Young, Nurton’s development director, was understandably delighted that Bentley Systems (UK) had chosen to come to Birmingham, and to his company’s scheme.
“It’s very pleasing, especially when you’ve invested a substantial amount of money, to see the first tenant sign up for a scheme. Even more so, given that Bentley could have gone anywhere in the city centre,” he said.
“Temple Row ticks a lot of boxes for occupiers in terms of connectivity and value for money. There’s a Metro stop outside the building, and it’s just a short stroll from both Snow Hill and New Street stations.”
Rupert added: “Equally, you have to get the price-point right to attract footloose tenants. Premium office rents in the centre are now back around £32 psf, but our quoting rent here is just under £20 psf.”
The Birmingham offices of CBRE and JLL are joint agents on the scheme, and the latter also represented Bentley Systems.
Andrew Riach with JLL’s office agency team, shared Nurton’s satisfaction that such a high-profile tenant had been secured.
“It’s always good to get the first letting away on any scheme, because it raises its profile and reminds the market that the space is now ready for occupation,” she said.
“We’re seeing significant interest in the offices because they offer city centre Grade A quality at an affordable rent, and I wouldn’t be surprised if we saw a second tenant signing soon.”
4 Temple Row was acquired in November 2015 as part of a £9m joint venture with WINDL offices Ltd, which also included the acquisition of Wireless House at Warwick Technology Park which has also undergone a £2.9 million refurbishment.
Refurbishment of 4 Temple Row includes an enlarged reception area, two new hi-speed lifts, raised floors, metal suspended ceilings incorporating LED lighting and new 3 pipe VRF air conditioning throughout with cycling storage facilities and showers in the basement.”
