News
Work starts on Stoford's latest acquisition in Edgbaston
Work has begun to transform one of Edgbaston's largest office schemes following its acquisition by Birmingham-based property group Stoford Developments and GE Real Estate for £17.2million.
123-127 Hagley Road comprises three individual buildings totalling 128,499 sq ft and will be brought up to a high specification in a £3m refurbishment programme. The office development, which benefits from first class amenities on its doorstep and is easily accessible from the motorway and the city centre, is easily divisible and offers accommodation opportunities for both small and large businesses.
Tony Nash, director of Stoford Developments, said: "Stoford is committed to building an even stronger presence in Birmingham. The acquisition of 123-127 Hagley Road is an excellent opportunity to offer city centre specification offices at accessible rental levels by improving the environment for existing and future occupiers.
"We already have a track record working in successful partnership with GE Real Estate and believe we have a proven formula to deliver good accommodation to the marketplace."
123 Hagley Road is located at the front of the development and offers 35,000 sq ft contemporary high specification multi-let office space. The comprehensively refurbished offices offer a combination of large open plan floorplates and smaller suites that all benefit from perimeter trunking, suspended ceilings with category II lighting and full central heating. The building also has 77 designated car parking spaces.
125 Hagley Road is currently vacant and will undergo a complete refurbishment to bring it up to high specification. The building has a total of 29,888 sq ft with a typical floorplate in the five-storey building offering 6,000 sq ft of office space split around the central core. The building has 73 designated parking spaces.
127 Hagley Road is the largest building in the development and last year benefited from a major refurbishment, transforming the building both internally and externally. Typical floors provide approximately 12,727 sq ft split into three wings in a 'T' shape of 6,514 sq ft, 3,694 sq ft and 2,519 sq ft. The building has 141 parking spaces.
The estate benefits from 24 hour manned onsite security and security fencing has recently been erected around the development. The communal courtyard has also benefited from extensive new landscaping.
Matthew Long and Charles Warrack, of joint letting agents DTZ and King Sturge respectively, said: "The size, high specification and superb location of 123-127 Hagley Road offers a unique opportunity for businesses looking to relocate to this part of Birmingham.
"The flexible floorplates make the development attractive to companies of all sizes but in 125 there is also the opportunity to a business to take over the whole building and establish themselves in a highly visible location at the heart of Edgbaston's well regarded business district.
"Potential occupiers will also benefit from the highest specification office space while paying considerably lower rents than the city centre but enjoying all the benefits of amenities and easy access from the city centre and the local motorway network."
This is GE Real Estate's second acquisition with Stoford in Birmingham and its sixth acquisition outside London - in 2006. Their portfolio comprises investments worth approximately £300 million in the regional marketplace.
Ilaria del Beato, GE Real Estate, said: "This acquisition is in line with our strategy to increase our presence throughout the country and especially the Midlands. Working with Stoford, which has a thorough knowledge of the Midlands market, enables us to explore the various opportunities that this asset presents, which currently includes significant refurbishment and re-branding options."
Joint letting agents are DTZ and King Sturge.
