Since being appointed by Patrizia Capital Partners in 2013, Colliers International, through a proactive asset management strategy, has been able to reduce the service charge levels at Edmund House (assuming a fully occupied building) from £6.81 per sq ft to sub £4 per sq ft in just 18 months.
Situated in a highly desirable central location on the corner of Edmund Street and Newhall Street in the city’s Colmore Business District, Edmund House has undergone a programme of works that has included a complete upgrade of the office accommodation, main reception and communal areas. The building provides 68,815 sq ft of high quality, air conditioned office accommodation with secure on site basement car parking together with a newly refurbished exterior, which includes a double-height glazed portico above the main entrance with new cladding and lighting.
European investment manager, Patrizia Capital Partners acquired Edmund House in May 2013 from Aberdeen Asset Management and subsequently appointed Colliers International’s Investment Property Management team to manage the property on their behalf.
Working closely with the client, Colliers International was able to implement a proactive asset management programme which resulted in occupancy costs being driven down by more than £2 psf. Tactics included: modifying the M&E facilities across the building, assessing the building’s energy efficiency and sustainability credentials, retendering service contracts to ensure only the highest quality providers at the best available price were instructed.
On the instruction, Martyn Edwards, Director in Colliers Birmingham IPM team said: “Patrizia Capital Partners has invested significantly in the future of this prime core asset. Alongside an extensive refurbishment, we have meticulously reviewed every item of the budget to ensure that all services in the building are at their most competitive.
“Patrizia has been very hands-on throughout the process, working closely with our team to ensure all agreed initiatives could be implemented smoothly and effectively. By being involved from the beginning of the project, we were able to provide advice on the knock on effects of various decisions to assist in making sure that the refurbishment meets the expectations of our client and achieves service charge levels which are attractive to existing and prospective tenants. Hopefully through this process we have assisted in making Edmund House an attractive and flexible building for tenants to occupy.
“At Colliers, we pride ourselves on being able to achieve the most competitive service charge rates for the buildings we manage, without compromising on quality. Cost per work space is a key driver for today’s cost-conscious occupier and as managing agents it is vital that we understand these requirements and are able to balance this with our client’s expectations.”
