Commercial property consultants Siddall Jones have secured the letting of Unit 1, Park Regis, in Birmingham, to meetspace VR on behalf of developers Seven Capital.
The news comes following the announcement that Siddall Jones has fully let all available retail space at the neighbouring St Martins Place development.
Scott Rawlings, retail agent at Siddall Jones said: “We are delighted to have secured the letting to meetspace VR. Broad Street has historically been the go-to destination for leisure in the city and is reasserting its position despite a number of residential developments in the area.
“meetspace VR’s arrival complements our letting to Inner City Golf at St Martins Place, with market trends indicating that consumers are favouring more immersive leisure experiences. With the unit being located at the base of the Park Regis Hotel, we also feel that they will provide a fantastic offering to both hotel guests and corporate events.
“It is great to have secured an such an exciting occupier for the space and I am eager to see the finished product once they open.”
Bringing best in class, social virtual reality experiences, meetspace VR allows for up to eight players to immerse themselves fully in the latest technology from Zero Latency. The VR arena provides amazing freedom of movement and instinctive gameplay, with an array of games to choose from. In addition, the site will offer VR escape rooms, putting a modern spin on the classic game.
The site on Broad Street will be meetspace VR’s seventh location across the UK, in addition to Bristol, Guildford, Manchester, Nottingham, Thatcham and Wembley.
meetspace VR has taken the 7,200 sq ft unit on a ten year lease at a rental of £60,000 per annum.
Luke Petchey, chief technology officer at meetspace VR, said: “Working with Scott to secure our lease was a joy and a pleasure, and we couldn’t be happier.
“With this new venue, right in the heart of Birmingham, we hope to bring the enjoyment of walking through weird and wonderful worlds in virtual reality to a whole new audience.
“Have a drink, eat a pizza, strap in, and prepare to have your mind blown!”
It is initially planned that the first floor VR Arenas and Escape Rooms will be open and available to book from Saturday 25 November, with a further food and beverage offering on the ground floor in early 2024.
Paul Bibby at law firm Freeths acted on behalf of Seven Capital.