Contracts were exchanged today, and the deal for the 108,000 sq ft Grade A building – which has a BREEAM ‘Excellent’ rating – is due to be completed in the next three weeks.
James Heather, Partner at Argent, said: “Benson Elliot’s unsolicited approach to purchase Eleven Brindleyplace led us to consider the future of our ownership and highlighted the growing interest and confidence in the regional office market.
“Our decision to now sell the building is both a response to the improving market conditions and also provides the opportunity to fully concentrate on the growing momentum for our Paradise Circus scheme in Birmingham which is due to start on site later this year.
“Eleven Brindleyplace has a track record of attracting many well-respected and valued occupiers, who have chosen to locate their businesses within an actively managed building. We are pleased to be able to announce that Colliers have recently extended the term of their lease within Eleven Brindleyplace and will shortly commit to a full refurbishment of their demise. We are confident that Benson Elliot will continue to develop the offer and will maximise the opportunities the building presents.”
Since its construction in 2009, Eleven Brindleyplace has proven to be a successful building, offering floorplates of around 8,500 sq ft to occupiers with requirements for smaller, high quality office accommodation. In 2010 Eleven Brindleyplace was named ‘Best of the Best National Commercial Workplace’ by the British Council for Offices.
James Jakeman, Principal at Benson Elliot, said: “Eleven Brindleyplace is a signature building with an existing list of prestigious tenants from across the professional services sectors. It is a substantial investment asset and a welcome addition to our portfolio.
“With its focus on smaller, high quality floorplates, Eleven Brindleyplace represents a unique proposition within the Birmingham office market. Its location on a managed, mixed-use estate puts amenities and public transport links on its doorstep. We are very pleased that we have been able to come to an agreement with Argent.”
Eleven Brindleyplace features a number of innovations, including Meetingspace, which offers state-of-the-art, internally-managed meeting room facilities and a stylish business lounge. These facilities are open to use by all building tenants, removing the need for them to incorporate meeting rooms into their floorplates.
Current occupiers at Eleven Brindleyplace include Allegis, Capita, Friend LLP, Global Radio, Hettle Andrews & Associates, Robert Walters, TEK Systems & Aston Carter, the West Midlands headquarters of the Institute of Directors, Colliers International and Argent.
Benson Elliot was represented by GVA in the sale, with GBR Phoenix Beard acting on behalf of Argent. Benson Elliot has appointed Cube Real Estate as asset manager.
For more information, visit www.elevenbrindleyplace.co.uk