Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, has let 4,500 sq ft of office space at Edmund House, Birmingham.
The fund has agreed a 10-year lease with First Intuition to take the first floor of the building, meaning the majority of the building is now let. This follows a separate letting with construction firm Sir Robert McAlpine earlier this year.
Edmund House, which totals more than 78,000 sq ft, has undergone refurbishment in recent years with a focus on its improving sustainability credentials. This includes the installation of EV charging points and sensor-activated lighting to reduce energy consumption. The site also boasts a number of wellbeing facilities for tenants including a coffee shop, bicycle storage and shower facilities.
The asset is well-located in the heart of Birmingham’s city centre, close to the Bullring shopping centre and with good transport links close to three rail stations including Birmingham New Street.
Clearbell acquired Edmund House in 2017 with plans to reposition the asset to capitalise on the lack of Grade A space in the city.
Dominic Moore, Head of ESG and Asset Management at Clearbell Capital, says: “Demand for high quality office space since the relaxation of Covid-19 restrictions has risen sharply. We expect cities like Birmingham to continue to benefit from the workforce returning to physical workplaces.”
“The need for flexibility in office leases is an emerging trend, with tenants needing to be more adaptable in their space requirements. Businesses are also placing greater emphasis on providing amenities that will attract their workers back into the office, such as collaboration space and wellbeing facilities like bicycle storage.”
Clearbell was advised by CBRE, Savills and Avison Young.
Source: propertyfundsworld.com on the 27th of October