Telecommunications giant Ionica is set to release 2,508 sq m (27,000 sq ft) of new office space at Argent’s prestigious Brindleyplace office scheme in Birmingham back onto the market.
Speculation has surrounded Ionica’s requirement in the city after the group’s share price has dipped in the last few months following criticism from the City.
But a spokeswoman for Carter Jonas which is sub-letting the space for Ionica said no further space was likely to come on the market in No 1 Brindleyplace and, at the time of its deal with Argent last year, it had expected to release two floors in the short term.
The space – which is on the third and fourth floors of the 6,363 sq m (68,500 sq ft) No 1 Brindleyplace – will present a welcome opportunity to occupiers. Following deals with the Royal Mail and Regus at the 9,920 sq m (100,000 sq ft) No. 3 Brindleyplace earlier this year, there is no available, standing, office accommodation in the scheme.
Next building to be completed is the speculatively developed 10,404 sq m (112,000 sq ft) No. 4 Brindleyplace, which will not be ready for another 12 months. Terms have already been agreed with an unnamed local occupier to take 2,415 sq m (26,000 sq ft) in the building.
Ionica is currently reviewing all of its existing property needs nationwide and has 1,393 sq m (15,000 sq ft) on the market in Leeds at the City West office park.
Grimley and Richard Ellis are letting agents for Argent at Brindleyplace.
EGi News 02/06/98
