Sector Focus
Property
Legal eagles help city building soar
Top 40 law firm Trowers & Hamlins is helping Birmingham’s tallest building to reach for the skies. The firm has advised the investors of the building –
Space race: Malcolm Jones Best quarter for
city office market The Birmingham office market has had its best first quarter for take up since 2016, achieving 194,014 sq ft of sales and lettings across 25 deals, according to Birmingham- based independent commercial property agency KWB. The figures were dominated by a
letting of 72,261 sq ft at One Brindleyplace to the team that will deliver the 2022 Commonwealth Games, a deal which accounted for 37 per cent of take-up in the quarter. The second largest transaction of
the quarter was to law firm Irwin Mitchell of 46,750 sq ft, in a deal which resulted in the Colmore Building being fully let. Malcolm Jones, KWB’s director of
office agency, said: “Thanks to the diversity of occupiers taking space, and the large lettings to the Commonwealth Games and Irwin Mitchell, the first quarter was one of the strongest since the recession, second only to Q1 2016.” Two of the top three deals were to
public sector bodies. In addition to the Commonwealth Games, the third largest letting was to the NHS which took 10,917 sq ft at the Wesleyan Building at Colmore Circus. Mr Jones added: “The public
sector – and companies servicing the public sector – have frequently appeared at the top of the market over recent years. “Last year, we saw large lettings
to the Secretary of State, Home Office, General Dental Council and Network Rail – to name a few. These lettings represented a significant amount of the space taken overall in 2018. “Given that as much as 800,000
sq ft of office space requirements for quasi-governmental bodies are in the marketplace at this time, the public sector is likely to continue to top the list of quarterly transactions. “Q2 2019 looks set to be a quiet
quarter, and that is understandable given the current uncertainty surrounding the fulfilment of the EU referendum. That said, we anticipate seeing an upturn in enquiries and transactions during Q3 and Q4, as it remains the case that many lease events are due to take place this year.”
60 CHAMBERLINK June 2019
which will stand on the site of a former nightclub in Broad Street – on a £118m loan to fund construction work, which started last month. When complete, in 2022, the 42-storey skyscraper will
house 481 homes for rent, and also 35,000 sq ft of retail and commercial space. The building is being constructed by developer Moda
Living, and its real estate investment partner Apache Capital, which operates in the Middle East and the UK. Apache has two other funding partners, Chicago-based
property investment partner Harrison Street and NFU Mutual. The £118m loan is from Goldman Sachs, and it is the first
time it has funded a build-for-rent scheme in the UK. Trowers’ banking partner Sarah Gooden, who led on the
banking aspects of the deal, said: “Apache is a long- standing client of ours and we have seen first-hand their successes in the build-to-rent market nationwide. “Securing development finance from Goldman Sachs is
testament to Apache’s strength in the market.” Richard Jackson, managing director and co-founder of
Apache, said: “There is significant institutional interest in residential property, and, in spite of Brexit, demand for defensive, long-term income streams continue to thrive. “Birmingham has incredible long-term investment
potential with considerable investment underpinning new infrastructure and employment.” When Moda/Apache bought the site in 2016, they used
a further loan, from American property investor Greenoak. Trowers also advised on this deal, which has now concluded. Moda/Apache have one of the UK’s largest pipelines of
build-to-rent schemes, with 6,500 units in nine cities. Trowers & Hamlins recently acted for Apache on two of
these schemes, Angel Gardens, Manchester, and Lexington, Liverpool.
Work completed on Travelodge
Construction consultant Wakemans has completed work a new budget hotel in Solihull. Wakemans acted as tenant’s
agent on the £10m Solihull Travelodge, which has 82-rooms including ‘SuperRooms’, an on-site restaurant called the Bar Café and free car parking. The new Solihull hotel joins the Birmingham Central Bull Ring Travelodge in offering SuperRooms, the company’s increasingly popular room designed around the ‘premium economy’ concept familiar to airline users. This new class of room is the first
of its kind in the UK budget hotel market and enhances the comfort factor for business and leisure customers who want the extra choice of a more premium room. Solihull Travelodge is in
Streetsbrook Road, a few minutes’
Newly opened: Solihull Travelodge
The new building will be Birmingham’s tallest
walk from the railway station and close to the town centre. Wakemans divisional director
Nigel Himpson said: “We’re delighted to support Travelodge in implementing its strategic growth plans in the West Midlands. “As the region’s economy grows and Solihull, in particular, benefits
from rising visitor numbers, this new hotel meets the need for good quality, affordable accommodation.” Travelodge operates 25 hotels
across the West Midlands and Wakemans also played a key role in the development of its Dudley town centre, West Bromwich and Walsall properties.
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