REI benefiting from improving market

AIM-listed West Midlands property group Real Estate Investors plc has announced a string of lettings as the market begins to pick up.

Chief executive Paul Bassi said it was symptomatic of quality space becoming scarcer and incentives reducing.

“In the next 12 months we are likely to see rental growth – prospective tenants have a window of opportunity left to get good deals but, with hardly any new supply coming on stream and demand improving, that may not last long.”

Centrick Property and LM Recruitment have moved into 102 Colmore Row.

Centrick Property has taken 1,097 sq ft on the ground floor on a six year term at £25 per sq ft.

It adds to bases in London, Solihull and Commercial Street in Birmingham.

Centrick Property was established in 2005 and now has more than 3,500 residential properties under management around the country and more than 50 employees. James Ackrill, son of the late much respected Midlands business figure Rod Ackrill, is director and founder of the business.

LM Recruitment has taken 441 sq ft on the ground floor of 102 Colmore Row on a three year term, also at £25 per sq ft.

It means the building is now predominantly let.

Global insurance group Generali has taken 1,081 sq ft at 85-89 Colmore Row on a three year term.

85–89 Colmore Row is a Grade II listed building in a prime position in Birmingham’s city centre, situated on the junction with Newhall Street. Existing tenants include Malcolm Hollis LLP, DTE Leonard Curtis, Fleet Milne Residential, Fawcett and Pattni Solicitors, JMP Consultants, BDP and Chubb Insurance.

There is now just one suite – more than 3,000 sq ft – remaining.

Meanwhile law firm Challinors has taken a six year lease on the first floor of Cathedral Place – 2,238 sq ft.

It joins expanding agencies greenwellgleeson and Key Personnel.

Once the home of Rigbeys Solicitors and Birmingham Midshires, it means there is just one suite left, which is under offer.