A Midland’s property and development company has reported a record start to 2014 with lettings and commercial take-up back to pre-recessions levels.
So far this year Birmingham-based Calthorpe Estates has secured more new tenants than any first quarter for more than five years. By the end of March its 2014 deals had already passed the 53,500sq ft mark.
“We are certainly seeing a return to a much more confident and buoyant commercial property marketplace,” commented Jayne Herritty, sales and marketing director at Calthorpe Estates and whose company, according to the latest figures from the Birmingham Office Market Forum, accounted for a third of all office take-up in the city so far this year.
“Throughout the challenging market conditions, which have beset the property industry over the last five years or so, we have always worked hard to attract new and retain existing customers,” she added. “That hard work is now paying off, and we have recently completed several lettings which will see a number of new tenants move to Edgbaston this spring, complementing the vibrant mix of existing businesses on our estate.”
Family-owned since 1717, the business’s prime focus is the prestigious 610-hectare Calthorpe Estate in Edgbaston. Other interests in its multi-million pound portfolio are spread across the retail, leisure, and healthcare sectors. Among its current projects are the expansion of world class medical facilities at Pebble Mill on a 14 acre site; a mixed use scheme at Edgbaston Mill (pictured) and Edgbaston Village Centre planned as the new retail and leisure heart of the area.
The company is also one of the driving forces behind Edgbaston Medical Quarter which is being enhanced through a number of national and local initiatives, including the Pebble Mill development.
The concept of branding Edgbaston as the city’s Medical Quarter was an idea that medical industry specialist Medilink and Calthorpe Estates discussed more than six years ago. Since then 180 medical organisations, 80 hospitals and specialist care centres, 44 general practitioner clinics and routine care facilities, and 23 training facilities have all gravitated toward Edgbaston.
Calthorpe believes the unique infrastructure within the area helps attract some of the world’s best medical professionals. Two of the latest to move into the quarter are specialist breast plastic surgeon Jonathan Staiano, who has taken 1,762sq ft of space at 50 Frederick Road for his first Staiano Plastic Surgery Clinic, and the cosmetic treatment firm Courthouse Clinics which is set to open its latest 1,789sq ft premises in George Road.
“These new arrivals are a strong endorsement for the Medical Quarter as a route to achieve global recognition at one of Europe’s leading centres of excellence,” said Medilink’s chief executive officer, Tony Davis.
The national chain of day nurseries, Banana Moon, has also taken 2,365sq ft of space at Edgbaston for its latest centre which will accommodate 50 children and employ 12 staff.
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