Regional REIT’s Norfolk House offices in Birmingham is now fully occupied after higher education provider Global Banking School signed for more space.
GBS agreed to move into the remaining 29,383 sq ft of grade-A space at the 118,530 sq ft property. It has taken the fourth and fifth floors of the six-floor building.
The education provider already occupied the ground, first and third floors (44,245 sq ft), with Accenture’s UK business occupying the second floor.
The additional space taken will provide a rental income of £558,277 per annum. The lease runs until December 2037, with a break option in 2032 to be coterminous with GBS’s existing lease. When combined, the GBS lettings provide annual rental income of £1.4m.
GBS is a growing private higher education provider, offering a range of sector-relevant courses across eight campuses including Leeds, Manchester, Birmingham and London.
Norfolk House comprises of 92,431 sq ft of grade-A office space with the balance being retail. The building underwent a substantial internal refurbishment in 2017.
Stephen Inglis, chief executive at London & Scottish Property Investment Management, the REIT’s investment manager, said Norfolk House is one of the largest-value assets in the REIT’s portfolio.
Inglis said: “GBS was attracted to the high standard of the recently completed refurbishment and its excellent location in the heart of Birmingham city centre, adjacent to Birmingham New Street railway station. This is a further demonstration of positive leasing activity in the region.”
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