Bank takes 7,8 and 10 Brindleyplace to fulfil 350,000 sq ft requirement
Lisa Pilkington
Royal Bank of Scotland is believed to have signed Birmingham’s largest ever office prelet.
The bank is thought to be taking the last remaining space at Argent Developments’ Brindleyplace. It will take 250,000 sq ft – the whole of buildings seven and eight – which will be linked together by a walkway, and 10 Brindleyplace, the seven-storey building that fronts Broad Street.
But RBS had a requirement of around 350,000 sq ft, and Argent is believed to be drafting an application for plans to include the extra space.
The quoting rent for the schemes is £25 per sq ft and one source said: “Argent is pushing hard to achieve this.”
Argent was unavailable for comment. DTZ, which is advising RBS, refused to comment on the deal. The bank had been in talks with three other schemes in Birmingham – Arena Central, Snow Hill and the Post & Mail site.
Brindleyplace will house RBS’s non-customer facing Midlands HQ. The bank will consolidate offices around the region and will relocate to Brindleyplace within two years.
The deal will exacerbate Birmingham’s lack of availability, which agents fear will scupper investment in the region. Mark Swallow, head of Knight Frank’s Birmingham office, said: “There’s now a race as to which scheme will be built next to offer the same type of space. Providing this space is the only way the city will attract significant inward investment.”
Although huge schemes such as Arena Central and Paradise Circus will be completed in 2004-05, there will be a hiatus in 2003 with no new grade-A space ready for occupation in the city.
GVA Grimley and Insignia Richard Ellis are advising Argent.
