Harris Lamb has overseen the purchase of a 30,000sq ft high-spec office building in Birmingham in readiness for increasing demand within the sector.
The consultancy purchased Aqueous3 at Aston Cross on behalf of a private family client on the back of a significant increase in market confidence.
For 18 months, Harris Lamb has been reviewing the industrial and office sectors, predicting that with confidence returning to the market, businesses would make the decision to invest and take on new premises, and that a shortage of available space meant someone needed to step up and provide that space.
Andrew Lamb, director, said: “The service sector always follows the industrial and manufacturing sector and knowing that to be the case we purchased this building as a result of the sustained and impressive return of manufacturing in the UK- particularly in the West Midlands – pre-empting a demand for prime office space in the city.
“This is a perfect example of the kind of speculative investment the office market has been calling out for, and a client recognising that need and fulfilling it.
“We’re now looking to implement a number of modifications at the property, and will market the building to potential tenants when the work is complete, providing an end-to-end service” he added.
Aqueous3 currently has 24,500 sq ft of comfort-cooled, raised floor, high quality office accommodation available over three floors, with an impressive 107 parking spaces available and excellent transport links to the rest of the UK via the rail and motorway network.
Potential modifications are now in the pipeline, including creating an impressive new double-height glazed entrance to the building, and enclosing walkways with a glazed cladding system to create an internal space.
While the building was initially intended to house one company as a national headquarters, it can also be let to multiple occupiers.
Andrew added: “We’re now renting this space out at £6.50 per square foot, which, in an improving office market is extremely competitive for such quality space.
“Since acquisition we’ve been pleased with the level of interest in the building and we anticipate an announcement about new occupiers in the near future.”
