A Birmingham building will be transformed into flexible office space after being acquired by investment and development company Key Land Capital.
The two-storey property at Aston Cross Business Village, near the city centre, will undergo a £250,000 complete refurbishment.
Once work is completed in the spring, it will provide accommodation that embraces the needs of businesses for a post-pandemic flexible office environment, said Key Land Capital managing director Kevin Sharkey.
Key Land Capital acquired the 7,000 sq ft building from SK Wouhra in a £595,000 deal completed by agent Ed Siddall-Jones.
It includes three business units on the ground floor, which are let to a newsagents, sandwich shop and PPE business. The vacant first floor office, comprising 4,500 sq ft, will be stripped out and refurbished with a Category B fit-out, providing flexible working space.
“This will be a fantastic location for any businesses that may be considering downsizing out of their existing much larger offices, with big floorplates, and long leases.
“We are seeing a lot of interest from businesses that in the post pandemic environment believe they will need much less office space as more employees work from home.
“This will be a much more affordable alternative to city centre offices, providing flexible working space which fits with new hub and spoke office models. There is plenty of parking and we are installing new heating and air conditioning, as well as shower areas.”
A fully-serviced, bespoke turnkey office environment will be created, offering lease flexibility and fixed, all-inclusive costs. With no upfront capital expenditure, occupation periods from six weeks, and simple short form leases, it allows firms to hedge against headcount fluctuation, added Kevin.
Key Land Capital is also planning a development of small industrial units after acquiring a site nearby in a £700,000 deal. Kestrel House is a 16,600 sq ft unit on a 0.42 acres site at Aston brook Street East.
Aston Cross Business Village is in the thriving Waterlinks area of Birmingham. Its location is excellent, within striking distance of the city centre but also very close to the A38(M) and the motorway network.
Key Land Capital is delivering residential and commercial projects worth more than £40 million across the West Midlands. Its mission is to create the homes and working spaces of the future, with modern features, amenity and space, and a great customer service. The company raises private investment to develop sites throughout the Midlands, a mixture of residential new-build and office to residential conversions.