It has been revealed that Standard Life Investments Pooled Pension Property Fund is investing £4.5 million in the refurbishment of 19 Cornwall Street, Birmingham.
Work is already underway and will provide an additional 42,000 sq ft of Grade A office space along with a new double height entrance, and a re-designed reception area. In addition, the top three floors will benefit from new air conditioning, lighting, toilets and showers as part of the fund’s on-going asset management strategy.
19 Cornwall Street is located in a prime location in the Colmore Business District where office demand is high. Professional services firm PwC occupies its first four floors
Standard Life Investments Pooled Pension Property Fund’s fund manager, David Stewart, said: “We have seen a strong increase in occupier demand for quality office space in the Birmingham market over the last year, which is why we are making this significant investment in 19 Cornwall Street”.
Nick Williams, office agency director at joint letting agent Savills, commented: “With demand for Grade A business space in the city centre significantly outweighing supply, occupiers are increasingly looking for high quality refurbishments to meet their needs”.
He goes on to cite HSBC’s recent announcement that it is to relocate its personal and business baking division to Birmingham, saying it shows the strength of the Birmingham offer and the logic of generating further Grade A stock, with more efficient floor plates.
The refurbishment is due to be completed by June of this year.
