AshbyCapital, the property investment advisory company, has signed a deal with existing shared workspace operator Orega that will see new co-working space and additional serviced offices at The Colmore Building in Birmingham’s city centre.
The deal will see Orega take a ten-year management agreement, operating a new co-working area that will run seamlessly into the building’s coffee house and reception. Orega will also create 11,000 sq ft of new serviced office space on the ground floor, adding to the 17,000 sq ft it already operates on the building’s mezzanine floor.
As part of the restructuring of the ground-floor space, the building’s on-site &More coffee house will be expanded and rearranged with a new island bar serving both the existing café area and the new Orega reception and co-working space. Renowned architectural practice MoreySmith, which worked on the £3.5 million refurbishment of The Colmore Building in 2016, has designed the new coffee house and co-working area.
Works are due to complete this summer.
Tom Smithers, Head of Asset Management at AshbyCapital, said:
“Our recent refurbishment of The Colmore Building has created a modern workspace with Birmingham’s broadest amenity offering, reflecting the changing demands of modern occupiers. With flexibility, community and facilities increasingly high on the agenda for all office workers, the addition of a new, design-focused co-working space, which will link in to our coffee house and reception, is set to broaden the building’s appeal even further.”
Robin Pugh, Real Estate Director at Orega, said:
“With enquiries for flexible office space in Birmingham increasing by more than a third over the last two years, and occupancy levels at The Colmore Building averaging 96% over 2017, we are excited to be increasing our presence at the heart of Birmingham’s Colmore Business District to meet this growing demand. Coupling contemporary design with exceptional facilities, this will be one of the city’s most enviable workspaces within a market-leading building.”
The Colmore Building comprises 310,000 sq ft of Grade A office space over 14 storeys and has achieved an ‘excellent’ BREEAM environmental and sustainability rating, as well as a ‘platinum’ WiredScore connectivity rating – the highest available.
The building offers Birmingham’s broadest range of amenities, including a gym, treatment rooms, bicycle parking, luxury changing rooms and a drying room, as well as the &More coffee house.
The deal with Orega follows on from two lettings announced at the start of February and leaves 52,948 sq ft of Grade A office space remaining, spread over three floors. Agents for The Colmore Building are JLL and GVA.