Birmingham’s financial services sector would appear to be returning to rude health following a major letting at a key Birmingham building.
Coutts & Co – the bank reportedly favoured by the Queen – is set to relocate from Wellesley House, in Waterloo Street, to the top two floors of 45 Church Street.
The move, which has been brokered by GBR Phoenix Beard, DTZ and GVA, is the latest in a string of recent moves by financial firms in the city including Barclays raising the bar last year with its major move to One Snowhill.
Ben Thacker, from GBR GB, who acted for building owner Standard Life Investments, said the move was further enouraging news for the market.
He said: “The market took a hit a couple of years ago and while it is still going through some difficulties, it is good to see professional services and particularly the financial sector taking space again and I think this deal shows that there are businesses looking to take advantage of conditions at the top end of the market.”
Coutts, which is the UK private banking arm of the Royal Bank of Scotland, has taken a 10-year lease on 6,500 sq ft of space over the top two floors of the newly developed scheme including the penthouse-style office on the top floor.
The letting is the latest in a run of successes for the building which has recently welcomed accountancy firm Mazars as well as property consultant King Sturge which has made the building its Birmingham base.
There is also a number of other deals potentially set to be announced in the coming weeks. GBR Phoenix Beard and DTZ acted for Standard Life Investments and Coutts & Co were advised by GVA.
The lettings come on the back of a better than expected year in the city core office lettings market with a record number of deals and an overall total of more than 600,000 sq ft which compares favourably with all but one of the past five year although just 10 per cent was in Grade A space.
Nevertheless, despite the continued challenges, there are a number of major players in the marketplace with schemes such as Church Street, The Cube, Colmore Plaza, Two Colmore Square, Baskerville House and others vying for business.
Those reportedly looking for major space include The Law Society, Microsoft’s Rare Games, Birmingham City University and Pinsent Masons, although the law firm may now stay at the Wesleyan building at the end of Colmore Row.