Rod Spiby, partner at Bulleys Chartered Surveyors, looks back at some significant sales and lettings of office buildings undertaken by the company over the last 12 months. Bulleys let the 28,700 sq ft Coniston House in Chapel Ash to well-known local company Marstons Plc whilst undertaking a significant refurbishment of their current head office and have ongoing interest on file for when Marstons vacate. Next to this building, they sold the landmark 45,800 sq ft Attwood Building on behalf of J Sainsbury Plc and have subsequently been instructed to market the premises for retail and/or leisure uses, subject to planning. Adjacent to this a sale of the 14,600 sq ft St Mark’s Church office building is under offer to a local expanding business with completion scheduled to take place before the end of the month. Further down the Tettenhall Road a sale of the 24,500 sq ft Deansgate former HMRC building by Bulleys and joint agent Cushman & Wakefield recently completed and Bulleys have been retained to secure occupiers to lease anything from a single office to much larger suites following a planned comprehensive high quality refurbishment.
Other deals in the City of note during this period include a letting of the 22,300 sq ft St Georges House in Lever Street adjacent to Benham BMW and a sale of the high rise landmark 66,900 sq ft Construction House in Birch Street, formerly occupied by Carillion, to a local company. The 7,700 sq ft Quartz House on Pendeford Office Park was sold to Wintech Ltd relocating from Wednesfield and 11,000 sq ft in Crown House in Birch Street was let to Carillion Construction Ltd. A further 6,000 sq ft at Hexagon House on the prime Wolverhampton Business Park is under offer to a well-known International company, due to complete shortly.
One of the success stories of the year was the 42,000 sq ft St David’s Court landmark office building in Union Street overlooking the ring road. The building had a substantial void following relocation of long-term occupier GE Money and fallout of other occupiers because of the recession. After a refurbishment by the landlord, Bulleys negotiated a series of lettings transforming the building form 80% void to 80% let, with interest in the remaining 20% available space. The most recent lettings totalling 12,423 sq. ft. completed to Network Rail, Andrews Sykes and Daymen International, demonstrating good levels of demand for high quality offices in the City Centre.
St David’s Court is already home to the likes of Baldwins Gravestock & Owen accountants & JLT Management Services Ltd, who are one of the country’s leading insurance providers. The recent lettings added to such names culminated in Bulleys jointly marketing the investment with MK2 agreeing a sale following strong interest based on an asking price of £2.45 million. The building now has only its second owner in 25 years. Bulleys have acted as letting agent since first constructed in 1991 and have been retained to market the remaining vacant space.
Bulleys also moved offices in 2015, expanding to 43 Bell Place adjacent to St John’s Retail Park, overlooking the Dudley Road. Celebrating their 50th anniversary in 2015, the company has built an enviable reputation as local and regional specialists in the field of industrial and commercial property consultancy. With a wealth of experience and reputation for professionalism focused around consistently delivering core services such as sales and lettings, property and asset management, investment, valuation, rating, development & acquisitions advice, the company offers a balanced blend of flair and creativity offering a flexible approach to assist and advise private landlords & tenants, funds and developers, from modest property matters to some of the largest developments in the UK.
Rod Spiby went on to say that “with 300,000 sq ft of offices let or sold by Bulleys just in the Wolverhampton area alone in the last 6 months, it will be difficult to top this in 2016 but enquiry levels remain strong for the good quality accommodation.”