Birmingham-based Nurton Developments is investing £3 m into its One Warwick Technology Park scheme, to attract local & national companies looking to relocate.
Offering 50,000 sq ft, over three floors, it’s one of the largest office buildings in the Warwick-Leamington corridor, and Nurton’s development director, Rupert Young, says the eight month refurbishment will set a new standard for office space in the area.
“We were very pleased to buy this asset last October, for around £6m, as the location has always been very popular and it’s rare for a scheme of this size to become available,” he said.
“However, we pride ourselves on always looking to add value, and after discussing the options with our architect & agents, and seeing what requirements were out in the market, we decided to give the building a comprehensive refurb.
“We already had a tenant in place (Accenture) on the ground-floor, in approximately 10,000 sq ft, and we’ll be bringing the remaining 40,000 sq ft up to the standard of contemporary Grade A space, by reopening the atrium which had previously been filled in between the ground and first floors and refurbishing the reception area, and common parts including refitting the WCs. We are also inclluding new raised floors, metal suspended ceilings with integral LED lighting and 3-pipe VRF air conditioning throughout.
“We’re investing in external works including double electric entrance doors, and a new glazed canopy, so the final investment will be at least £3 m.”
Nurton has three agents appointed, JLL, Savills and Bilfinger GVA. Adrian Griffith, the latter’s Birmingham-based offices director, is very bullish about the revamped scheme’s prospects.
He was the catalyst for last October’s deal, having heard that the building, formerly known as Wireless House was potentially available through an off-market transaction.
“Warwick Technology Park has always been in demand, and the quality of Nurton’s refurb, allied to the unusually high number of parking spaces, will make this scheme really stand out in this area,” said Griffith.
“It will probably be early autumn before the works are completed, but we’ve already seen significant interest from companies looking to relocate there. There are several existing requirements, and I think it’s very likely that the first letting at Wireless House will be in legals even before practical completion.”