The Institute of Directors is launching a national recruitment drive which could see it taking up to 9,290 sq m (100,000 sq ft) of accommodation in the next two years.
The IoD is targeting the former Exchange, Schroder’s 1,950 sq m (21,000 sq ft) Grade I listed building on Newhall Street in Birmingham’s central office core, for its first regional base.
“Yes, we hope to open in Birmingham at the start of next year,” Glyn Davies, head of facilities at the IoD, confirmed to EGi. “And then look at Leeds, Manchester – if we can – and by 2001, Glasgow and Edinburgh.” If successful, this could pave the way for openings in other major cities, including Bristol and Cardiff.
At the end of last year, driven by an expansion in membership in the capital, the institute reorganised its London offices. It retained its HQ, the Grade I listed, 9,290 sq m (100,000 sq ft) building at 116 Pall Mall, SW1, but acquired the 1,950 sq m (21,000 sq ft) 123 Pall Mall nearby for its backroom operations.
Of the 43,000 members of the IoD, some 2,500 are based in and around Birmingham. However, it is thought that the IoD is looking to at least triple that figure. Davies added: “We are in the eat, meet and greet business, and we don’t think that our members should be penalised for not living in London. We will offer them the same facilities we do in the capital on a smaller scale.”
The IoD has traditionally had a structure of branches and divisions in the regions, which liase with local hotels, restaurants and business centres. But it is now looking to give its members permanent facilities.
Davies explained: “For instance, in Birmingham I don’t think there is a great deal of upmarket restaurants; it’s something that we will be offering. We will offer a business centre, a fully equipped restaurant/bistro and wine bar, directors’ room, meeting rooms and conference facilities.”
On the Exchange, the IoD is looking to sign a 15-year lease, with a break at year 10. Negotiations are centred around a rent of £140 per sq m (£13 per sq ft).
Richard Ellis and Grenville Smith & Duncan are letting agents on the Exchange. Corporate Property is advising the IoD.
EGi News 05/08/1998
