Prime Birmingham office building, St Philips Point is now fully let following a transformational refurbishment by owner Ediston Property Investment Company.
Occupier AXA Insurance has expanded its commitment within the building to a total of 22,268 sq ft, through its acquisition of the vacant 5,400 sq ft 8th floor on a coterminous lease with its current occupancy of the 4th to 6th floors and the 7th floor, which AXA acquired in June 2016.
All 97,496 sq ft of office space within the 10 storey building is now occupied, with other tenants at St Philips Point including RSM, Weightmans Solicitors and Accountancy Action.
Since being purchased out of administration by Ediston in 2012, the 10 storey building has received a comprehensive upgrading of all vacant office space, common areas, main reception entrance, and installation of a new central plant and lift cars.
Average headline rents have risen from £16 to £24 per sq ft, a reflection of the building’s repositioning from a secondary to a prime asset in Birmingham’s office core.
Overlooking St Philips Cathedral, and situated across the Square from Colmore Row, St Philips Point includes a 15,000 sq ft retail pitch fronting Cannon Street to the rear, which Ediston has let in its entirety to American retailer David’s Bridal, one of the world’s largest suppliers of bridal wear.
Ben Thacker from letting agent Savills who has advised Ediston from acquisition, said: “In just four years since Ediston acquired St Philips Point, we have seen occupancy peak, with new occupiers coming in and the majority of existing tenants re-gearing and expanding to meet their long-term requirements.
“This represents a massive vote of confidence in the building and AXA’s growth in particular has been fantastic, with St Philips Point forming a key part of their estate rationalisation strategy.”
“Birmingham’s office market continues to thrive and high quality refurbishments of well positioned stock such as this will be fundamental in ensuring that we have a consistent pipeline to meet future occupier demand.”
An investment, development and asset management specialist, Ediston focuses on unlocking the potential of well-located but under-performing assets.
Andy McKinlay, Director at Ediston, said: “St Philips Point was a great acquisition for us, with an opportunity created from the asset’s historic lack of investment and underpinned by strong property fundamentals alongside its prime location, great views towards the cathedral and access to the city’s retail amenities and public transport network right on the doorstep.
“The key to unlocking the opportunity was to fully understand our existing and new potential tenant requirements, and to take our existing tenants with us during the complex refurbishment of an occupied building.
“Savills have done an outstanding job in securing additional commitments from those existing tenants and attracting new occupiers, whilst the completion of the retail letting to David’s Bridal with what will be only their fourth outlet in the UK is a great way to mark the building’s 100% occupancy.”
Savills and are joint office letting agents on the building, with Wright Silverwood and BWD joint retail letting agents.