Birmingham office space is in demand at the moment, with Grade A supply forecast to hit an 11 year low. This makes the recent acquisition of 57-63 Church Street by a development duo a potentially profitable investment while the city waits for additional stock to come onto the market.
Worcester based Blue Marble Properties and Birmingham’s Antringham have formed a joint venture to purchase the office property in an off market deal for an undisclosed sum.
The partnership now intends to refurbish the property, with the project due to begin next month and be completed by the end of December.
Blue Marble Properties chief executive, Tim Matthews, spoke of his excitement at acquisition of the Grade II listed property.
He said; “We are absolutely delighted to have secured such a superb building in the hectic Birmingham City market.
“Once the refurbishment is complete, the building will offer desperately required good quality office space in the central business district.”
In total, 57-63 Church Street offers 15,800 sq ft of office space over five floors which, following the refurbishment, will allow businesses to take up flexible high quality space in a prime business district. Upon completion, GBR Phoenix Beard and GVA will market the property on behalf of the partnership.
One of the most challenging aspects of the refurbishment will be the redesign of the 2,870 sq ft ground floor, which Blue Marble Properties and Antringham intend to transform into a self-contained suite. This will allow for the creation of a private entrance for the ground floor occupier which will open directly on to Church Street.
The property’s common areas, entrance and reception will also be modernised to appeal to tenants.
With the coming of HS2, and major developments either underway or due to begin, Birmingham’s status as a major business centre is certain to be enhanced, making well located properties like 57-63 Church Street highly desirable assets.
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