Standard Life Investments Pooled Pension Property Fund is to invest £4.5m to refurbish 19 Cornwall Street in Birmingham in a bid to boost the dearth of available stock in the city and take advantage of a surge in occupier demand.
The office block revamp will see 42,000 sq ft of grade-A floorspace refurbished in the 134,000 sq ft building, plus a new double-height entrance and redesigned reception area as part of the fund’s asset management strategy at the property. The refurbished space includes space formerly occupied by CBRE, prior to its relocation to 55 Temple Row last year.
Formerly known as Cornwall Court, the building is located in the Colmore BID area on Cornwall Street. Global professional services firm PwC continues to occupy the first four floors.
David Stewart, fund manager at Standard Life Investments Pooled Pension Property Fund, said: “We have seen a strong increase in occupier demand for quality office space in the Birmingham market over the last year, which is why we are making this significant investment in 19 Cornwall Street.”
Nick Williams, office agency director at Savills, joint letting agent with GBR Phoenix Beard, added: “With demand for grade-A business space in the city centre significantly outweighing supply, occupiers are increasingly looking for high quality refurbishments to meet their needs.
“Recent activity such as HSBC’s commitment to the city recognises both the strength of the Birmingham offer and rationale to generate further true grade-A stock, particularly larger and more efficient floorplates.”
Work on site is set to be completed next month.
