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News Release

Birmingham

Second Phase speculative refurbishment in central business district


Birmingham, 7th May, 2013 - Following the successful letting of the first phase of upgraded accommodation at Embassy House in Birmingham's central business district, a further speculative refurbishment of 30,000 sq ft is underway with practical completion expected by June 2013.


On behalf of Co-Operative Insurance, AXA Real Estate will be releasing the additional Grade A space onto the market in the heart of Birmingham's financial and professional quarter at its landmark, period fronted building on the corner of Church Street and Cornwall Street, which benefited from a £2million refurbishment at the beginning of 2012.

 
The initial investment returned a number of lettings during the year with circa 20,000 sq ft being let to the Marston Group, Kings Chambers and a new lease and internal relocation of Chartis Insurance.

 
Now with the Grade A stock in the city starting to reduce, it is believed the time is right to upgrade the remaining space available at Embassy House.

Vicki Burnett from Jones Lang LaSalle who act on behalf of AXA alongside DTZ, said: "A significant supply of space in the city was withdrawn for alternative uses last year, leaving the vast majority of remaining space of Grade B quality.

Embassy House's refurbishment in 2012 provided an attractive mix of flexible and contemporary, floorplates behind a period facade and has been enhanced further by the redevelopment of Church Street.  This includes a new square, providing open paved areas and seating and a linkway from Colmore's business district to the Jewellery Quarter.


"We are already in talks with potential occupiers interested in the new refurbished suites which will be available from June 2013 in sizes ranging from 3,500 to whole floors of 7,500 sq ft.  We anticipate Axa's swift move to fill the void in Birmingham's city centre market will pay dividends for the landlord, not only because of the reducing supply of Grade A space but because Embassy House is an extremely attractive building adding value to businesses looking for a city centre presence."

Embassy House dates back to 1899 when it was constructed by Birmingham based architects, Owen and Ward, who gained prominence more for their design of theatres than commercial buildings, but their style is clearly reflected in the building's grand stately features.

With a wide selection of quality coffee shops, bars, restaurants and shops on the doorstep and only 5 minutes' walk to the retail core, the building is ideally situated to service the thriving city worker community.