A prestigious Birmingham address has been filled with two new lettings and two lease re-gears.
UK Commercial Property Trust, advised by Ignis Asset Management, has seen rental income improve from s1.6 million to s1.8 million per annum after it introduced new occupiers to fully let No. 9 Colmore Row.
The building's ground floor retail unit became vacant in December 2010, following which UKCPT successfully gained A3 planning consent, allowing the sale of food and drink for consumption on the premises, and reconfigured the space to create two new units.
Unit 1 has been let to Costa Coffee on a ten year lease, at a stepped average rent of s89,500 per annum and Unit 2 has been let to De Montfort Fine Art which will trade as the Whitewall Gallery. The gallery lease is for ten years with a tenant break in year five, a mutual break in year three and at an annual rent of s75,000 per annum. As part of the reconfiguration works, new shop fronts have been installed in Colmore Piazza.
Rhona McCranor, asset manager at Ignis Asset Management, said: "The introduction of Whitewall Gallery and Costa Coffee to UKCPT's asset in Colmore Row demonstrates the strong leasing and asset management skills of the team, and has resulted in a fully let and thriving commercial scheme.
"Through our initiatives we have secured improved income levels and longer leases, introduced good occupiers and created a new vibrancy at Colmore Row, which is exactly what we set out to achieve."
Additional initiatives in the upper office space at the property include the retention of the 3rd floor tenant, investment management firm Smith & Williamson, which had a lease break option in August 2013.
UKCPT negotiated the removal of the tenant break, and also let additional space to 25 Moorgate, which took the last remaining office suite in the building.