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Sector Focus


Property


Lewis landmark set for major renovation


New addition to


growing portfolio London & Cambridge Properties (LCP) has added 13 warehouse units in a prime Nottingham estate to its industrial property portfolio, after it was appointed to manage the development. LCP has taken on blocks A, B


and C Crossgate Drive, Queens Drive Industrial Estate – a 118,023 sq ft development of 13 fully occupied warehouse/industrial units on a 5.6 acre site, which was purchased for £4.1m. James Buchanan (pictured),


investment director at LCP, said: “The past 18 months has seen us focus heavily on growing our retail portfolio and we have acquired more than 50 local convenience parades. “Now the market is right for us


to turn our attention to acquiring further multi-let industrial properties with yields of 8.5 per cent or more and our team of asset managers is actively seeking suitable investment buys at locations across the UK. “We are not just committed to


acquiring sites, we also put in plans to improve or redevelop them, where appropriate.”


Work has started on a major refurbishment of Birmingham’s well-known Lewis building on Bull Street. Temple Court is being fully


refurbished by Legal and General Property (LGP) to create 114,000 sq ft of Grade A office space. The building started life as a department store in the 1920s by 19th Century philanthropist David Lewis, and will be returned to its former landmark status in the refurbishment.


‘The revitalised Lewis Building will offer unique office accommodation’


Floorplates are being remodelled to provide some of the largest in the central business district at around 17,000 sq ft, and a new seventh storey of 12,000 sq ft with external terraces is being added to the building. The new seventh floor will feature


exposed steel columns and full height glass elevations, providing panoramic views across the city. There will be 74 car park spaces


as well as secure, ground floor level cycle parking for 60 bikes, and shower and changing facilities. Tom Williams, senior asset manager, Legal & General Property, said: “The revitalised Lewis Building will offer unique office


Return to former glory: Lewis in Bull Street


accommodation to the Birmingham market, capturing the buildings heritage yet providing a contemporary space. “We are developing Grade A


offices, with a full Category A fit out including modern high-quality finishes, new mechanical and electrical systems and cycle and changing facilities. The reception


will provide a superb Manhattan- style lobby delivering hotel style concierge services. We are aiming to bring something bespoke and refreshing to the Birmingham office market, designed around the needs of the occupier.” Completion for the


refurbishment programme is targeted for next May.


A grand location for John Shepherd


John Shepherd, one of the West Midlands’ leading estate agents, has launched its first office in Birmingham city centre – in the former premises of the Grand Hotel. The firm has agreed a ten-year lease on Unit 6 (2,120 sq ft) at an annual


rent of £60,000 at Hortons’ Estate’s The Grand on Colmore Row. Established in 1991, John Shepherd has grown to be one of the leading


estate agents in the region, with offices in Solihull, Hockley Heath, Knowle, Dickens Heath, Sutton Coldfield and Stratford-upon-Avon. The company provides a full range of services, including advice on specialist land and developments, surveying, conveyancing and financial services, as well as residential sales and lettings. John Shepherd, chairman of the John Shepherd Group, said: “Our new


ground floor presence on Colmore Row is part of the original Grand Hotel and occupies one of the most prestigious and premier positions in the city. “I will be actively involved in the day-to-day business of the new office,


making a welcome return to my roots; my first job as a chartered surveyor was on Broad Street, Birmingham.” John Shepherd is the fifth tenant to sign up at The Grand, following


The Grand Hotel has been refurbished into retail units 54 CHAMBERLINK July/August 2016


lettings to 200 Degrees Coffee, Crockett & Jones, The Alchemist and Gusto. The retail units along Colmore Row have been refurbished as part of the multi-million pound restoration of The Grand by owner Hortons’ Estate.


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