Major deal is further boost for M42 out-of-town market - Cushman & Wakefield

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Major deal is further boost for M42 out-of-town market

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A major letting has been secured on a Solihull headquarters building that was given a new lease of life last year in a multi-million refurbishment scheme.

Two floors of the building - One Trinity Park, which is located at the entrance to Birmingham International railway station and Birmingham Airport - have been let to Lloyd’s Register.

The 27,000 sq ft letting is the most significant deal to be completed in the M42 corridor zone so far this year, according to agents Cushman & Wakefield.

Last year, the 20-year old building underwent a £2m refurbishment, in a bid to bring much- needed Grade A office space to Birmingham and the region.

During the refurbishment, the office and reception areas were remodelled, and a central atrium restored. New air conditioning and mechanical and electrical services were installed to help bring the building up to scratch.

Lloyd’s Register, represented by CBRE, signed up for the two floors midway through the refurbishment, and were therefore offered a ‘turnkey’ solution, with the space being finished to their precise specification, thus allowing them to move in to a fully-complete suite of offices.

The new tenant is an independent provider of business assurance services and was previously located on a business park near Coventry. The firm, which has taken the ground and first floor of the building, said Trinity Park’s location was a key reason behind its decision to move there. The firm has taken a ten-year lease on the space.

Scott Rutherford, head of offices at Cushman & Wakefield in Birmingham, said: “This is the second biggest deal in the M42 market in the past 12 months – it is a market which experienced a major upsurge in demand during 2014, from a broad range of occupiers.

“Among these have been technology firms and businesses looking to relocate from central London, or even abroad.

“Birmingham and the West Midlands is becoming a popular destination for all of the above, due to such diverse factors as quick and easy access to 90 per cent of the UK market, more languages spoken than any other major English city, access to 18 universities and 105,000 graduates within an hour’s drive time, and proximity to London.”

He added that the demand for out-of-town offices had led to a shortage of good quality space in the M42 corridor and other parts of the Midlands, which was a key reason behind the decision to undertake a major refurbishment of One Trinity Park and bring it up to Grade A standard.

He added that the fit-out of the two floors for Lloyds Register had been completed very speedily, allowing the firm the earliest possible occupation.

Two floors remain at the building, and Mr Rutherford added that these were likely to be let to leading businesses on long deals, due to the current supply and demand situation.