Developer Argent has confirmed the letting of its No. 3 Brindleyplace office building in central Birmingham to the Royal Mail, as tipped exclusively by EGi last year.
Royal Mail has prelet 4,645 sq m (50,000 sq ft) of the remaining 6,038 sq m (65,000 sq ft) in the uncompleted building. Royal Mail is taking a 20 year lease and is paying a rent of over £215.28 per sq m (£20 per sq ft).
The successful letting of No.3, which forms part of Argent’s successful Brindleyplace development on Broad Street, adds impetus to the developer’s plans to develop a second phase on the site. The deal also means an end to Royal Mail’s long search for new offices in Birmingham.
Royal Mail lost out on its first choice when National Westminster bought the freehold of Richardsons’ Maple House on Corporation Street for £9m.
Grimley has already taken 2,415 sq m (26,000 sq ft) for its own offices in No 3. The building is set for completion in March 1998. Royal Mail is thought to be moving in by the end of August.
Weatherall, Green & Smith is advising the Royal Mail while Grimley and Richard Ellis are joint-letting agents at Brindleyplace.
EGi News 13/01/98
