City centre deals signed as Birmingham’s ‘return to office’ activity outperforms national average

Ardstone Capital has completed two lettings at its Grade A refurbished 1 Newhall Street in Birmingham.

RPS Group and Pegasus Planning have both taken new 10-year leases on whole floors in the building.

These two new lettings signal more good news for the building after Roythornes Solicitors took the 6th floor at £30per sq ft and Godwin Group completed on expansion space earlier in the year.

The deals come as Avison Young data from its national UK Cities Recovery Index, highlights that the city has been performing above the national average for ‘return to office’ activity since February 2021.

Michael Cecil, head of UK asset management at Ardstone Capital, said:  “These deals reaffirm our confidence in the product that we have created at 1 Newhall Street that offers great value Grade A offices in an absolute prime location in the city. RPS Group, and Pegasus are hugely respected in their fields and their commitment not only demonstrates the strength of the office market in Birmingham, but the draw of this area of the city especially with the completion of 103 Colmore Row opposite. With good interest in the remaining space, we hope we will have full occupancy by year end.”

George Jennings, director at Avison Young, said: “Central Birmingham is continuing to gain momentum, with several occupiers downsizing but prepared to pay more for quality space, enticing their employees back, as we return to the office post-Covid.

“We have been overwhelmed with interest and recent lettings. Exciting times for 1 Newhall St, with limited space available.”

Jonathan Ottewell, associate director at Savills, added: “We’re delighted to have attracted firms of the calibre of Pegasus Planning and RPS to 1 Newhall Street. They have both sought to improve the quality of their office accommodation with these moves and invest in their long-term future. 1 Newhall Street is perfectly suited for forward thinking, modern occupiers who are looking to recruit new staff and attract existing staff back to the office. Its CBD location, Grade A specification and welcoming, modern concierge reception have proved key in securing these tenants.”

The building is owned by The Ardstone Regional Office Fund, a programmatic joint venture with CBRE Investment Management.

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