Property consultancy Colliers International is continuing its winning streak after securing another new tenant at Cobalt Square in Edgbaston.
Double Diamond Gaming Limited has taken 4,256 sq ft on the tenth floor of the building, on a five-year lease at £7 per sq ft.
Double Diamond Gaming Limited is an independent casino operator, which owns the Rainbow Casino in Edgbaston and has recently taken over four Gala Casinos in Aberdeen, Bristol, Cardiff and Teesside.
Joint agents Colliers International and Savills acted on behalf of the landlord, Topland Group. KWB advised the tenant.
Matt Long, a director in the national offices team at the Birmingham office of Colliers International, said: “Cobalt Square provides quality office space at highly competitive occupancy costs. We have welcomed a number of new tenants to the building over the last year and expect interest to continue throughout 2014.”
Duncan Savage, managing director at Double Diamond Gaming Limited, said: “Following our acquisition of four Gala Casinos, our new tenancy at Cobalt Square will now provide the ideal venue for our new head office in a great central location.”
The letting to Double Diamond Gaming follows the recent lettings to GB Partnerships and Connex Education, which took 2,686 sq ft and 2,600 sq respectively, at Cobalt Square.
Ben Ryan, asset manager at Topland Group, said: “We are pleased to complete another deal at Cobalt Square, particularly given that there is 300,000 sq ft of competing vacant office space along the Hagley Road. The building is now 90 per cent let, with total take-up for 2013 reaching 17,000 sq ft.
“During our two and a half year ownership of the building, we have increased the occupancy rate from 70 per cent to 90 per cent and increased the net annual income by 15 per cent over this period through a combination of an aggressive letting policy and active asset management.”
Office suites from 1,000 sq ft up to floors of 4,256 sq ft are available to let at Cobalt Square, which is on the Hagley Road, close to Five Ways Island.