Sector Focus
Property For sale: Parkgate shopping centre Sale of centre
heralds trend An £85m shopping centre in Shirley, which opened its doors just two years ago, is to be sold. The shopping centre, has now
been fully let by leading real estate company Cushman & Wakefield. Parkgate is now set to be the
latest Midlands shopping centre to come under new ownership. Only recently, the newly opened Grand Central shopping centre in Birmingham city centre was sold - and a recent report by Cushman & Wakefield revealed that the city was a hotspot for the retail investment market. The report said that the Midlands
had witnessed a ‘significant amount’ of activity in the shopping centre market in 2015, a trend which would continue with the announcement that Parkgate is to be sold.
A surge in investment for the city
Birmingham city centre has enjoyed a huge investment boost – with nearly £1 billion of office and retail transactions in 2015. And UK institutions accounted for more than 58 per
cent of the overall value of the deals, according to the latest Who Owns Central Birmingham report. But property experts have warned the city centre
market faces a shortage of ‘good quality’ space until better quality refurbish schemes come onto the market over the next two years.
‘Birmingham saw a substantial surge in activity over 2015’
Now in its fifth year, the annual study, which is published by leading property adviser, Bilfinger GVA, provides a detailed insight into the profile of Birmingham’s commercial property ownership across 15 million sq ft of office and retail property in the city’s central business district. The survey reveals that Birmingham saw a
substantial surge in activity over 2015, with £992 million transacted across both the office and retail sectors, up from £645 million in 2014. While overall ownership from UK-based
organisations fell by one per cent over the last 12 Sought after offices
months to 70 per cent, ownership from local Birmingham-based occupiers has seen a significant rise, up from one per cent in 2014 to none per cent. As in previous years, overseas investment activity has
remained strong – with the amount of overall foreign ownership increasing from 29 per cent to 31 per cent. Middle Eastern and mixed UK and overseas investors increasing holdings from two per cent to five per cent and eight per cent to 12 per cent respectively. Far Eastern investor interest remained flat at one per cent of total stock. Ownership by European investors increased by six per
cent to seven per cent. This includes the £130 million acquisition by German fund VGV of RBS’ Brindleyplace headquarters in central Birmingham. The city’s largest single commercial deal, however, was
Ashby Capital’s acquisition of the landmark Colmore Plaza building from US private equity group Carlyle for £138 million on behalf of a Middle Eastern buyer.
Halfway to Paradise: PwC is on the move
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56 CHAMBERLINK May 2016 PwC moves to Paradise
Professional services giant PwC is moving to Paradise – which is a new £500m development scheme in the city centre. PwC has signed a pre-let
agreement to relocate its 1,400- strong Birmingham team from Cornwall Court to 90,000 sq ft on the top four and a half floors of the scheme’s landmark One Chamberlain Square office building,
on a 20-year lease. One Chamberlain Square will be
a seven-storey office building, with shops and restaurants on the ground floor. It has been designed by renowned award-winning architect Eric Parry, and will overlook the refurbished Chamberlain Square, which will include some of Birmingham’s surviving Victorian civic buildings.
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