£1m refurb on St George’s House now paying dividends
A Wolverhampton landmark which recently underwent a £1 million refurbishment is already 70 per cent let.
St George’s House on Lever Street beside the Ring Road is being marketed by commercial property specialists Bulleys.
Built in 1996, the two-storey building was purchased by Loxton Developments and has since been upgraded to Grade A standard office space including LED lighting, a new cooling, ventilation and heating system plus comprehensive CCTV security.
Bulleys partner Rod Spiby said: “There is a shortage of top quality space in Wolverhampton and this needs to be addressed if the City’s regeneration is to continue apace.
“It was to take advantage of this opportunity that the owners took the decision to refurbish to such a high standard what were very ordinary offices.
“The work was completed earlier this year and offers a standard of office accommodation currently unavailable anywhere else within or on the immediate outskirts of the city centre.
“It also has the most number of car parking spaces, 84, for the size of accommodation – an important selling point.”
Mark Roberts, Loxton Developments managing director, said: “With the amount of regeneration currently taking place in the City, we saw Wolverhampton as an exciting and valuable area to invest in.
“We felt that there was a real gap in the marketplace for high quality office space. St George’s House is now a smart, modern, top-quality building – which will help attract and retain quality staff at all levels, enhance credibility and help build business. It offers superb value for money – rent, service charge and excellent parking.”
Situated on an approximately one-acre site, the offices total 22,304 sq ft, are close to Wolverhampton’s retail core, and a short walk to the train station, Metro and new bus station.
Two organisations have already committed to taking space off a quoting rent of £15.50 per sq ft.
Bulleys have let suites GA & 1A, extending to circa 12,000 sq ft, to Ingeus Limited, a relocation from alternative premises in the City plus additional space for an expansion of the business, and Suite GB, extending to 3,337 sq ft, to Provident Financial Management Services Limited for a new regional administration center for the company.
Ingeus Ltd has signed a 9 year lease and Provident Financial Management Services Limited a 10 year lease. In both cases there is a rent review at the end of the fifth year.
Mr Spiby said: “There will be a significant internal fit out by Ingeus to provide front line waiting and meeting rooms plus separate backroom office administration.
“They liked the location of the premises being adjacent to the City centre, on a regular bus route and having an excellent onsite and close by additional overflow car parking provision.”
There remains 6,863 sq ft of vacant space left in suites from 628 sq ft.
Knight Frank is joint letting agent with Bulleys.
St George’s House is the latest in a long line of properties refurbished by Loxton Developments, with recent projects spanning across Derby, Redditch and Bristol.