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The 35,316 sq.metres (380,000

sq.ft

.) One Stop Shopping Centre and

Retail Park at Perry Barr is being given a marketing boost by Savills

and Cushman Wakefield (C&W).

It is three miles from Birmingham City Centre and has blue chip occupiers

such as Asda, Marks & Spencer and Nike. It has been recently bought for £70

million by Europa Capital and Sovereign Centros.

Adam Lazenbury of Cushman & Wakefield said: “We plan to deliver a

shopping experience which meets the changing needs and requirements of

the centre’s catchment area. Significant changes are planned in the area.”

C&W, together with KWB, has also been active in promoting the Kings

Norton Business Centre bringing the total space let in the last year to 42%.

There is only a small amount of space now empty.

Commercial Property Register

February - April 2017

www.compropregister.com

5

It is interesting how the arrival

of a catchphrase for a city or a

region can act as a catalyst for

change, in this case the widening

use of the Midlands Engine

promotional phrase.

For a number of years the

region has seen a steady increase

in confidence, it may be that this

coincided as Manchester was first

promoted as the centre of the

Northern Powerhouse.

Whichever way you look at it,

the Midlands fulfils many of the

precepts of a dynamic economic

growth region to which has now

been added a new impetus from

Birmingham City Council.

A clear example of this is that the

council has appointed Original Group

to produce a feasibility study for

Birmingham to be the host for the

2026 Commonwealth Games.

Original is part of a consortium of

PwC Four Communications and

Trivandi.

To this should be added the

council’s new 15 year plan for

homes and jobs. It plans 51,000

new homes and the infrastructure

to go with them.

Another telling aspect of the

confidence is that Knight Frank

estimates that 90% of the city

centre office development is

speculative. The agents said that

“the city is set on a journey of

transformation that is continuing to

attract developer and property

investor interest.”

High quality refurbishments

are leading the way, such as IM

Properties at 55 Colmore Row.

Jamie Phillips of Knight Frank

commented: “Whether it be

high quality refurbishment or large

scale new build, the city clearly

has a schedule of development

which is aligned to appeal to

indigenous occupiers and

footloose inward investors.”

This has brought in investment,

notably the 30% of the total

over the past five years from

overseas.

David Tonks of Cushman &

Wakefield said: “There is little doubt

that the city will maintain a strong

national profile as HS2, the mayoral

election and the impact of the

combined authority in the Midlands

become increasingly evident.”

Unlike most urban areas in the

UK, Birmingham can probably cope

with the conversion of older offices

into residential use. Hong Kong

investors have bought the

4,832 sq.metres (52,000

sq.ft

.)

Herbert House on Cornwall

Street through Cushman &

Wakefield and will use ADAPT

Real Estates for the mixed use

scheme with 77 flats and leisure

facilities on the ground floor.

While there is strong demand

for residential accommodation in

the centre of the city, there is also

a good inflow of new office

occupiers, such as Maber Architects

at Colmore Row.

Revving

UP

Boosting

SALES

Ice on

THE CAKE

Adam Lazenbury

The transformation of the site of

the former Silver Blades ice rink

in Birmingham’s Smithfield

area has moved on with the

construction of the £60 million

private rented sector (PRS) of

334 units by Rockspring.

The council plans to transform the

14 hectares area, now the Forum, with

300,000 sq.metres (3.22 million

sq.ft.

)

of leisure, retail, hotels and cultural

space as well as 2,000 homes and

public space. This includes a new

indoor retail market with a food hall.

The ambitious project will take

10 years to complete and cost an

estimated £500 million.

Councillor Ed Clancy said: “The Forum

is a significant development which

not only kick starts the development

of the Smithfield area, but also

delivers new homes to the city.”

Paul Hampton of Rockspring said:

“The scheme is in line with our strategic

focus on rapidly improving residential

sub markets within dynamic cities

that are expecting high levels of

urbanisation and growth.”

Siddall Jones, the independent

property consultancy based in

Birmingham’s Jewellery Quarter, have

started the new year with a flurry of

investment deals.

Acting on behalf of Tickety Boo

Properties, the company sold Azzurri

House in Aldridge for £1.46m to a

private investment company. The

property is let to Azzurri Communications

Limited until March 2020 at

£141,572 per annum.

NEWS

Birmingham skyline

Photo courtesy of Nick Parsons Photography

Paul Hampton

IN BRIEF

Through

Siddall Jones, 56-60 Newhall Street was sold to an overseas

investor for £1.9m. The property which comprises thirteen one bed flats

and a ground floor coffee shop produces £103,000 per annum.