Birmingham independent commercial property agency KWB has sold the virtual freehold of a second floor office suite in a multi-let, multi-occupied Birmingham office building to one of Europe’s fastest growing companies.
Acting on behalf of landlord Measure Corporation Ltd, KWB’s Office Agency Team sold a long leasehold of 2,825 sq ft of office space on the second floor of Griffin House, 18 Ludgate Hill, Birmingham, to on-demand rubbish removal company Clearabee, ranked 17th in the UK and 70th in Europe in the Financial Times top 1000 Fastest Growing Companies in April this year (2018).
Founded in 2012, Clearabee is UK’s largest on-demand rubbish removal service operating exclusively through its own in-house team. Based in Birmingham and operating nationwide, Clearabee currently employees 180 people, operates a fleet of 80 trucks across the UK and achieved sales of more than £9m in 2017.
“Strata sales in office buildings such as this are still not as common in Birmingham as in London, but it can be a good way for landlords to unlock value in multi-let office buildings where there may be un-let suites or floors. This responds to the high demand for businesses to own their own property, at a size which is rarely available, especially in a city centre,” says Malcolm Jones, Head of Office Agency at KWB.
“Last year (2017) we completed the virtual freehold sales of 25 office and retail units at another Jewellery Quarter office building at 50 – 54 St Paul’s Square, and we are presently also marketing virtual freeholds on small office suites at Rhubarb Studios in Digbeth, all of which are now under offer.
“Driven by the tax advantages of Self Invested Pension Schemes, low interest rates, and banks continuing willingness to lend, there is still a large pent up demand among business owners for office freeholds which should encourage more investors to consider the potential return on strata sales, especially in aesthetically appealing and improving areas such as the Jewellery Quarter.”