A specialist peer-to-peer lending company for the property sector has relocated to 54 Hagley Road, the landmark office building in Edgbaston, Birmingham, to accommodate its growing team.
CrowdProperty has moved from serviced offices at Crown House to the nearby 16-storey office building, after signing a five-year lease for a 2,198 sq ft, second-floor suite in the east wing.
Andrew Hall, co-founder and property director at CrowdProperty, said the move was necessary after expanding its team from four staff in January 2018 to 32 people now. In that time, business has thrived, with the company lending more than £50m to the residential development and bridging market on a secured, first-charge basis and returning more than £20m to its lenders.
“Because we are a young company, we’d outgrown our space and needed better accommodation,” said the former development director of Hortons. “We looked in the area at available offices and 54 Hagley Road offered us the most appropriate space for what we need and to take on the next stage in our growth.”
He added the arrival of West Midlands Metro, which will stop outside of the front door when the Edgbaston extension is completed in 2021, and the fact that the building is located outside the proposed Clean Air Zone (CAZ), were also attractive propositions.
George Jennings, director at Avison Young, joint letting agent for the grade A building, said: “It’s great news to attract yet another fast-growing and ambitious business to 54 Hagley Road. Edgbaston is a prestigious address for any Birmingham-based company, without the rent burden that those in the heart of the city centre have. It’s clear the west side of the city is the place to be.”
CrowdProperty’s relocation comes just weeks after accountancy firm BW Tax – Property Tax Accountants announced its move from Crown House to 54 Hagley Road. It has agreed an eight-year lease for a 1,350 sq ft office on the 15th floor.