Nurton Developments, through its joint venture WINDL offices Ltd is to spend £2.5m on the extensive modernisation of an office building at the heart of Birmingham’s financial and professional services core.
Nearly 24,000 sq ft of space will be available when the comprehensive refurbishment of No. 4 Temple Row – on the corner of Temple Row and Bull Street – is completed in the autumn.
The Birmingham developer is aiming to take advantage of a lack of short-term availability of quality office space in the highly sought after 2,500 to 5,000 sq ft range in the city centre.
Nurton bought No.4 Temple Row – known then as Aspect Court – in November. The deal, a joint venture with a private investor, was part of a £9m acquisition, which also included Wireless House in Warwick.
The refurbishment work at No.4 Temple Row will see the façade of the building cleaned and repaired and the windows replaced throughout. An enlarged reception area is being created. Two new hi-speed lifts will be installed and the office levels will have raised floors and with metal suspended ceilings incorporating LED lighting throughout.
Rupert Young, development director at Nurton, said: “Whilst there are a number of large-scale schemes in the medium to long-term pipeline the supply of high quality space currently available is dwindling.”
“More schemes need to be geared towards the 2,500-5,000 sq ft occupier where a shortfall is looming.”
“2016 will be a year of refurbishments and we are convinced that the newly refurbished No.4 Temple Row will lead that charge.”
It is a point taken up by Theo Holmes, director, office agency at CBRE in Birmingham – joint agent on No.4 Temple Row with JLL.
“3,000 to 5,000 sq ft is definitely the hot spot in the market and this building ticks a lot of boxes in terms of size, location and the quality of the refurbishment,” he said.
“The extent of the refurbishment and the re-brand will see the building effectively re-invented and the dual aspect over Temple Row and Bull Street with its new Metro stop adds to a very attractive proposition.
“That’s probably why we are already seeing interest from potential occupiers.
Nurton owns a number of buildings in Birmingham notably TriGate on the Hagley Road in Birmingham, which has been owned 2006. Some £1.5m was spent as part of an asset management plan to add value and generate growth from the previously outdated 1970s- style office block and the building is now more than 75% let.
In the city’s core, the property firm has owned Two Colmore Square since 2004, extensively refurbishing it together with the adjoining Cannon House in two main phases at a cost of more than £10m.