Commercial : Office News
Blueprint Interiors completes Gleeds Manchester office transformation

Blueprint Interiors completes Gleeds Manchester office transformation

International property and construction consultancy Gleeds has recently completed the transformation of its Manchester office. The project was undertaken by workplace consultancy and interior fit-out specialists, Blueprint interiors and will allow the business to remain in its city centre location. Situated at Abbey House on Mosely Street, Gleeds opted for renovation as

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Flex Demand Soars As Manchester Landmark Centre 86% Occupied

Flex Demand Soars As Manchester Landmark Centre 86% Occupied

Barings Real Estate, one of the world’s largest diversified real estate investment managers, and Industrious the highly regarded flexible workplace provider have announced that soaring demand for flex space in Manchester has resulted in the Industrious St Peter’s Square flex centre at Landmark Manchester being 86% occupied less than 18

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Wates starts refurb work at Ada's London Victoria Campus

Wates starts refurb work at Ada’s London Victoria Campus

Wates has started refurbishment works at Ada’s new London Victoria campus, transforming a former secondary school into a National College for Digital Skills. Established in Tottenham in 2016 to address the talent shortage and lack of diversity in the digital industries by creating a diverse pipeline of talent, Ada is

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Globalworth to deploy Honeywell solutions across its commercial building portfolio

Globalworth to deploy Honeywell solutions across its commercial building portfolio

European real estate investor to deploy Honeywell solutions across its commercial building portfolio in Romania and Poland to improve operational efficiency and support sustainability efforts Honeywell announced yesterday that Globalworth, a leading real estate investor in Central and Eastern Europe, has selected its connected technology to help increase operational efficiency,

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Stirlin Construction completes £1.8m HQ for Duncan & Toplis

Stirlin Construction completes £1.8m HQ for Duncan & Toplis

Lincoln-based Stirlin Construction, part of Stirlin Group, has completed a new £1.8 million headquarters in Louth, Lincolnshire, for accounting and business adviser Duncan & Toplis. Oxley House is located on the Fairfield Industrial Estate on Lincoln Way and brings 10,000 sq. ft. of premium office space to the town. The

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Lismore review forecasts growing interest in prime city centre offices, as pricing begins to find its level

Lismore review forecasts growing interest in prime city centre offices, as pricing begins to find its level

Leading independent property advisory firm, Lismore Real Estate Advisors, released its review of the Scottish investment market for the first quarter of 2023, which focuses on the office sector. With prime yields stabilizing, Lismore forecasts growing interest in prime city centre offices, particularly well-let regional offices in cities with limited

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Latest Issue
Issue 326 : Mar 2025

Commercial : Office News

Blueprint Interiors completes Gleeds Manchester office transformation

Blueprint Interiors completes Gleeds Manchester office transformation

International property and construction consultancy Gleeds has recently completed the transformation of its Manchester office. The project was undertaken by workplace consultancy and interior fit-out specialists, Blueprint interiors and will allow the business to remain in its city centre location. Situated at Abbey House on Mosely Street, Gleeds opted for renovation as opposed to relocation in order to retain its connectivity, giving its 80-strong staff more options to walk, cycle, or use public transport to get to work. The refurbishment forms part of a wider strategy to create a unified yet unique style for all Gleeds UK sites, delivering offices that reflect regional cultures and traditions. The new layout incorporates a relaxed, welcoming area for visitors, collaboration and break out spaces, relaxation zones, and a workplace café to promote healthy eating and wellbeing. Versatile desk, seating, and meeting room arrangements with access to the latest high specification video conferencing and digital technology enable collaboration on a global basis. Brian McArdle, director at Gleeds said, “Blueprint Interiors has helped us to create a showcase office in Manchester. We now have a sustainable, fit for purpose space that has boosted morale and increased levels of employee engagement, making embracing hybrid working easier for all. By embedding more technology, we’re also enabling teams to collaborate more effectively across the UK and on international projects. This renovation has set a new corporate benchmark that will attract professionals to join us, impress our clients and be enjoyed by our employees.” Andy Sawyer, project director from Blueprint Interiors added, “The design principles were driven by a desire to provide a more open plan hybrid work environment that reflects the way people prefer to work has significantly changed. The office has also been designed to embrace the Gleeds vision and values in all areas to create an office space that inspires people to be happy and motivated to deliver their best work.” Blueprint Interiors has been working with senior leaders at Gleeds UK to achieve a unified yet unique style nationwide, starting with offices in Bristol and Manchester. Building, Design & Construction Magazine | The Choice of Industry Professionals 

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Willmott Dixon Interiors to deliver DfE’s Sanctuary Buildings refurbishment

Willmott Dixon Interiors to deliver DfE’s Sanctuary Buildings refurbishment

Fit-out and refurbishment specialist contractor, Willmott Dixon Interiors has been chosen to lead the refurbishment of the Grade II listed Sanctuary Buildings in London. The Department for Education (DfE) has appointed the contractor to deliver the phased CAT B fit out of 12,850m2 across floors of the property in Victoria. The project has been designed to create a more modern, sustainable and streamlined office environment, which reflects the Department’s adoption of hybrid working practices. Willmott Dixon Interiors will deliver collaborative and open plan workspaces, including hot desking facilities and staff breakout areas, as well as new meeting rooms with state-of-the-art conferencing technology. The design is characterised by its focus on diversity and inclusion, with features that directly cater for those with sensory, cognitive, physical or developmental needs. They include the availability of sensory spaces, improved lighting and acoustic properties and a muted colour palette. Existing plant facilities will be upgraded as part of DfE’s decarbonisation agenda, while the infrastructure will be put in place to support the future use of photovoltaic solar panelling. Works will be carried out in a live environment, with staff decanted to alternative floors during separate phases of the project. The project is expected to be completed by autumn 2024. Graham Shaw, managing director at Willmott Dixon Interiors, said: “This important project will allow the DfE to facilitate hybrid working and consolidate its existing footprint within the Sanctuary Buildings. We’ll be refurbishing the building to modern standards and future proofing its plant facilities, to deliver a sustainable workplace environment that promotes wellbeing and inclusivity. It is the second significant project we have been appointed to deliver on behalf of the customer and we’ll be working in close collaboration to ensure everything is completed on time and with minimal disruption to occupants.” The contract was awarded to Willmott Dixon Interiors via the Southern Construction Framework. The project team includes Arcadis, which is delivering principal design, project management and cost consultancy services. Building, Design & Construction Magazine | The Choice of Industry Professionals 

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Flex Demand Soars As Manchester Landmark Centre 86% Occupied

Flex Demand Soars As Manchester Landmark Centre 86% Occupied

Barings Real Estate, one of the world’s largest diversified real estate investment managers, and Industrious the highly regarded flexible workplace provider have announced that soaring demand for flex space in Manchester has resulted in the Industrious St Peter’s Square flex centre at Landmark Manchester being 86% occupied less than 18 months after its launch. The 32,000 sq ft premium flexible workplace which is operated by Industrious is located across the ground, second and third floors of Barings’ award-winning 180,000 sq ft Landmark development at St Peter’s Square in Manchester City Centre. Since its launch, the space has attracted high profile occupiers including JPMorgan Chase & Co, HSBC, Nordcloud (part of IBM) and CMC to name a few, resulting in high occupancy levels. Ralph Dorey, Managing Director, UK at Industrious comments; “Flex space continues to be in strong demand and we’re finding that businesses have much clearer requirements for space and will come to us with exact desk needs and hours of meeting room space per month which is in contrast to previous years when there was more uncertainty. Many have a two year commitment with internal reviews after 12 months and we’re seeing demand polarised with most requirements for either 50-200 desks or at the smaller end of 2-10 desks. Regardless of the size though, it’s the perks that all the companies want in terms of the catering and hospitality offering, the events, the wellness programme and exercise facilities without having to compromise on a central location.” The benefits offered by the centre have proven so popular that the team has now launched a Community Membership scheme for occupiers on traditional leases in Landmark, which include; Vanguard, Starling Bank, Santander, Xero, RSM, Allianz Insurance, Grant Thornton and JLL, to benefit from the hospitality and wellbeing programme on offer as well as discounts on meeting rooms and conference facilities. Ian Mayhew, Managing Director, UK Asset management at Barings, said: “The flex centre has always supported Landmark’s traditional occupiers with overflow meeting and coworking space, and the ability to expand into flexible private offices as needed. However, the new community membership initiative allows them to benefit from daily breakfast, coffee, tea and snacks, and a weekly calendar of virtual and in-person programming and events, which can be invaluable in the attraction and retention of staff. One of our new occupiers, Santander who have signed a lease for 11 years, is moving to Landmark from another Industrious centre and we know that the community membership offered by Industrious was an important factor in their decision making.  It’s also a good example of how the partnership between Barings and Industrious is operating for the benefit of the building as a whole.” The flex market hasn’t reached saturation according to Dorey. “We’re actively looking for new locations for our flex centres. If you have the right building with the ability to deliver the best set up then the demand will be there. As a premium provider of space, one of the key factors for us has always been the detail on aspects such as sound attenuation. This has been critical for organisations such as HSBC UK who require that level of privacy. We have a formula that works and are looking into more partnership agreements to continue to roll out the centres.” Industrious operates four locations across the U.K. The centre at Landmark offers 23 private offices accommodating one – 300+ people (Industrious Team), multiple conference rooms with state-of-the-art technology to accommodate in-person and hybrid work (Industrious Meet), and coworking spaces for individual workers (Industrious Share).  Private offices come with an array of branding options for occupiers, enterprise-grade technology and customisable layouts. The space also features a cafe, multiple lounge and seating areas perfectly suited for group meetings and collaboration. In a commitment to providing an engaging workplace experience, in addition to the hospitality and wellbeing programme, members can expect high-speed and secure Wi-Fi, mailing and printing capabilities, on-site support from a dedicated Community Manager, access to a global network of workspace and more. Completed in 2020, the 180,000 sq ft award-winning Landmark development offers 14 floors of BREEAM Excellent and Wired Score Platinum certified, office space in Manchester City Centre. Barings’ focus on well-being, customer experience, sustainability and technological infrastructure at Landmark has delivered a world-class office building with the capacity to support the implementation of Hana by Industrious’ high-quality and hospitality-driven operations. Landmark also provides all-important facilities for existing and future tenants, including the introduction of contactless technologies enabling touch-free movement within the building, access to secured bike spaces, an eleventh-floor terrace, a fully equipped locker room with showers, electric car charging stations and more. Leasing agents on Landmark are CBRE, Colliers and JLL. For more information, please visit www.industriousoffice.com or www.landmarkmanchester.co.uk.   Building, Design & Construction Magazine | The Choice of Industry Professionals 

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Wates starts refurb work at Ada's London Victoria Campus

Wates starts refurb work at Ada’s London Victoria Campus

Wates has started refurbishment works at Ada’s new London Victoria campus, transforming a former secondary school into a National College for Digital Skills. Established in Tottenham in 2016 to address the talent shortage and lack of diversity in the digital industries by creating a diverse pipeline of talent, Ada is a pioneering college and charity for young people aged 16-24, with 97% of its alumni working in tech or studying advanced degrees. The project, carried out for the Department of Education (DfE), involves upgrading the building with the latest digital technology education facilities. The Wates project will ready for teaching to start at Ada’s new campus for the Autumn 2023 term. Workshops will be converted into IT suites for the college’s core computing qualifications and lecture theatres will replace traditional classrooms. Plans also include a cafe, sports hall, gym and roof terrace with views over London. Ada is working to remove the glass ceiling for women and encourage individuals from low-income and ethnic minority backgrounds into the tech industry. Students benefit from a diverse curriculum, opening doors into a variety of careers in fields such as cybersecurity, animation and data analytics. Ada has reached its capacity due to the number of students wanting to enrol and take their first step towards an exciting career in the tech sector. The new Victoria location not only offers more in terms of facilities, it also provides a wider geographical reach for future learners and employer partners. The new building will also allow Ada to double their learner numbers in the coming years. Building, Design & Construction Magazine | The Choice of Industry Professionals

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Major retrofit project to create one of the most sustainable offices in Wales now complete

Major retrofit project to create one of the most sustainable offices in Wales now complete

Works on Coal House, an ultra-green, next generation office space in Cardiff city centre, have now been completed after a significant redevelopment programme. Thought to now be one of the most sustainable offices in Wales, Coal House, on Dumfries Place, has undergone a huge transformation, resulting in a cutting-edge 30,000 sq ft office building that is net zero carbon in operation[1], stylishly designed and promotes health, wellbeing and productivity. Formerly known as Dumfries House, Coal House has been redeveloped by investor and developer Create, which is currently in talks with several potential tenants about taking space in part of the building. Coal House is 100% powered by renewable energy, partly by its own solar panels, with an energy-efficient heating, ventilation and comfort cooling system, as well as LED lighting, to keep energy use to a minimum. Smart building technology, including a network of intelligent sensors, monitors and manages air quality, energy consumption, temperature and occupancy of the spaces, helping to save energy and cost. Tenants can access the real-time data through the bespoke CoalHouse.Life app, enabling cost efficiency and accurate ESG[2] reporting. A zero-to-landfill waste management system and low-flow water appliances are also in place. With spaces for both creative collaboration and quiet contemplation, Coal House is home to the Atrium Lounge and speciality coffee and juice bar, the Coffee Bar, with a proportion of profits made from drink sales donated to a local charity chosen by the Coal House tenants. A calendar of events curated by the Coal House team and space for businesses to hold their own events will pave the way for an inclusive community feel by creating opportunities to socialise and forge new connections.  Other features of the Coal House app include breakfast and lunch deliveries to your office as well as meeting catering – all provided by Cardiff-based The Tidy Kitchen Co, which provides quality convenience and luxury healthy food. The app also offers a visitor management system, as well as access to services that can be arranged by the concierge team, such as dry cleaning, cycle repair and car valeting. Local discounts and offers, including for a nearby nursery, coffee shops and bike servicing, are also available for tenants via the app. Careful attention has been paid to create an industrial-chic aesthetic within the space by award-winning design agency Run for The Hills. The shared spaces draw on a biophilic design approach, which brings the beauty and calm of the outdoors inside. Plenty of plants and natural materials, such as sustainable bamboo, eco-engineered timber and recycled weave flooring, aim to boost residents’ creativity, productivity and well-being. Ricky Humphreys, director of Create, said: “We are delighted to have given a new lease of life to this once dated city centre office building, creating a highly sustainable, future-fit workplace that will provide an inspiring and attractive working environment with plenty of perks for businesses and staff. We set out to achieve an optimal balance between retaining the embodied carbon in the existing building and keeping energy consumption to a minimum, in line with our goal to make Coal House somewhere environmentally conscious businesses would feel proud to be based.” Coal House is equipped with eight electric vehicle charging points and grab-and-go community bikes for use by the on-site community. There is generous secure cycle storage and car parking, showers and changing facilities, as well as a DIY bike maintenance station where bike users and visiting technicians can carry out repairs and servicing. Coal House is just five minutes on foot from Cardiff Queen Street and a short walk to Cardiff Central. Kieran Crowe, director and head of net zero buildings at the Low Carbon Alliance, which acted as a consultant on Coal House, said: “Coal House has showcased the ability to achieve net zero in operational status and an impressive EPC ‘A’ rating through retrofit, by utilising standard fit-out practices alongside technology. “The building self-generates most of its power needs through rooftop PV and does not utilise any fossil fuels. I hope other developers and property funds can take inspiration from this building and understand that great outcomes for the environment are possible and commercially viable. As members and partner of UKGBC’s Advancing Net Zero programme, we have taken Coal House forward as a leading example of retrofit for net zero.” There is between 3,000 – 30,000 sq ft of high quality space available to let immediately at Coal House, aimed at companies who want to take a conventional lease but with the added amenities not typically provided in many office buildings. The space, which has disabled access, has superfast plug and play fibre connectivity and can be fitted out according to tenants’ requirements, and even provided on a fully serviced basis. The building has achieved Wired Score Platinum, SKA Gold and AirRated Platinum, as well as targeting Fitwell two stars and BREEAM Excellent. Coal House is marketed for let by Savills and Knight Frank in Cardiff. Interested businesses should contact Gary Carver at Savills via gcarver@savills.com or by calling 07972 000 171, or Mark Sutton at Knight Frank via mark.sutton@knightfrank.com or by calling 07919 395 593. Visit https://www.coalhouse.co.uk/ to find out more. [1] The redevelopment of Coal House has been aligned to the definition of Net Zero Carbon published by UKGBC. Coal House has to date achieved an EPC A rating, which verifies the building is highly efficient. [2] Environmental, Social & Governance (ESG) Building, Design & Construction Magazine | The Choice of Industry Professionals 

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Globalworth to deploy Honeywell solutions across its commercial building portfolio

Globalworth to deploy Honeywell solutions across its commercial building portfolio

European real estate investor to deploy Honeywell solutions across its commercial building portfolio in Romania and Poland to improve operational efficiency and support sustainability efforts Honeywell announced yesterday that Globalworth, a leading real estate investor in Central and Eastern Europe, has selected its connected technology to help increase operational efficiency, support sustainability efforts, and improve the occupant experience across the Globalworth portfolio of commercial office buildings in Romania and Poland. Globalworth will use solutions from Honeywell Forge for Buildings, a comprehensive approach to building system operations and management, to help improve performance and reduce energy consumption throughout its facilities from a single point of control. Buildings are a primary consumer of energy – the UN Environment Programme 2022 Global Status Report for Buildings and Construction found the building and construction sector accounted for 34% of energy demand and 37% of energy and process-related CO2 emissions in 2021. In Europe, the numbers are even more concerning with the buildings sector accounting for 40% of the continent’s total energy needs, 80% coming from the use of fossil fuels.[i] To help reduce this energy demand, Globalworth will use the machine learning models within Honeywell Forge for Buildings to monitor energy consumption across its buildings, down to a device or asset level, and make automatic adjustments to minimise energy consumption while maintaining occupant comfort and productivity. “We believe that building technologies can provide not only better experiences for our tenants but can also add value in helping to achieve operational and sustainability goals – all without sacrificing occupant comfort. We are investing in Honeywell Forge for Buildings for its ability to integrate systems, improve maintenance, and save energy, with the aim of helping us to optimise our selected building operations,” said Dennis Selinas, CEO of Globalworth Group. Honeywell solutions, including Honeywell Forge Site Performance, Carbon and Energy Management, an application of Honeywell Buildings Sustainability Manager, and Honeywell Sine visitor management solutions, will help Globalworth digitalise real estate operations across its facilities in Romania and Poland. “Building inefficiency is a major challenge to Europe’s overarching climate objectives, and with the continuing energy challenges that Europe faces today, there is a pressing need to update existing buildings across the region with the right technology to maximise their energy credentials,” said Mark Loughran, president, Honeywell Central and Eastern Europe. “Honeywell Forge for Buildings represents a ready now solution to this challenge. Globalworth’s implementation of these offerings will support the company in meeting its environmental targets, while maintaining its occupants’ comfort and reducing its overall operating cost.” Globalworth is an innovator and early adopter of technology to help enable world-class experiences for its blue-chip roster of tenants. The company invests in technologies to continue to help improve the operational efficiency, safety and security, and resilience of its buildings while supporting its sustainability goals. Building, Design & Construction Magazine | The Choice of Industry Professionals 

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Pioneering power project sees office blocks cutting costs and carbon

Pioneering power project sees office blocks cutting costs and carbon

Office blocks across London and beyond could hold one of the keys to helping manage energy costs and enable decarbonisation. In a pioneering new scheme run by UK Power Networks, a building in Central London is helping to reduce demand on the electricity network at peak times, by adjusting its temperature throughout the day. A typical office block needs to be kept at 21-22 degrees centigrade. By simply changing the times of the day at which the aircon is running and avoiding running at full power during the peak period, buildings can help reduce demand on the network. The minor change in temperature is imperceptible to most workers, and offices can earn revenue from the electricity network. Taking a smarter approach to using capacity on the network frees up space for more low carbon technologies like electric vehicle chargers and heat pumps to connect more quickly and at lower cost. In a partnership with BankEnergi and supported by Oaktree Power Limited, UK Power Networks can now call on Bracken House in Central London to provide flexibility services to the electricity network. UK Power Networks has since had interest from several companies offering similar solutions in London and beyond. The project builds on the Greater London Authority’s pioneering Flex London project, which set out to demonstrate how buildings could help manage peaks in demand on the network. Flex London concluded that flexibility could become London’s “greatest energy decarbonisation asset” – with potential for up to 1GW of flexibility by 2050 – which would free up capacity for almost 500,000 electric vehicles. Shirley Rodrigues, Deputy Mayor for Environment and Energy said: “Buildings are responsible for nearly 70 per cent of the capital’s carbon emissions, so it’s important we manage their energy demand intelligently to help us reach net zero by 2030. It’s great to see UK Power Networks building on the Flex London project to help bring energy bills down and deliver a more flexible, lower carbon energy system for all. It’s also a great example of how a relatively small change can help make London a greener and healthier city for all Londoners.” Sotiris Georgiopoulos, Distribution System Operator Director at UK Power Networks said: “Flex London paved the way for buildings to help us decarbonise the network and now this partnership is demonstrating it can become a reality. Particularly in cities like London, making tiny changes to the way buildings operate can lead to tremendous benefits for customers, saving money and helping us connect more green technology.” BankEnergi CEO, Rajvant Nijjhar said: “We are pleased to be supporting UK Power Networks in providing demand side response services to a landmark London building. The building’s owners will benefit from lower costs and carbon emissions, without the occupants noticing a difference in comfort levels. We see this as the future in balancing grid supply and demand issues and providing vital services to DNOs like UK Power Networks. We are now looking forward to rolling out our solution across multiple buildings in London and across the UK.” Building, Design & Construction Magazine | The Choice of Industry Professionals 

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Stirlin Construction completes £1.8m HQ for Duncan & Toplis

Stirlin Construction completes £1.8m HQ for Duncan & Toplis

Lincoln-based Stirlin Construction, part of Stirlin Group, has completed a new £1.8 million headquarters in Louth, Lincolnshire, for accounting and business adviser Duncan & Toplis. Oxley House is located on the Fairfield Industrial Estate on Lincoln Way and brings 10,000 sq. ft. of premium office space to the town. The two-storey building includes open-plan office spaces, meeting rooms, kitchen facilities and a reception area. Sustainable elements of the project include EV charging points and a renewable energy solar system to the roof. The ground floor is now the home of the Louth team of Duncan & Toplis and the first floor is occupied by Wilkin Chapman Solicitors. “Oxley House is a fantastic example of Stirlin Construction delivering the design, and build, of a fit-for-purpose new facility, on time and on budget – and we are thrilled with the result. We worked closely with our long-standing client at Duncan & Toplis to design a premises that would provide a contemporary workspace to accommodate its growing team. This project was a pleasure to deliver alongside local construction delivery partners, and we’re really pleased to see the building complete and now being enjoyed by two flourishing businesses. Thank you to all involved who worked hard to deliver this brilliant facility,” said Howard Griffith, Head of Construction at Stirlin. After reaching capacity at its previous office, Lincolnshire, Nottinghamshire and Leicestershire-based Duncan & Toplis appointed Stirlin as principal contractor, to develop a contemporary headquarters with sustainability and accessibility at the forefront of its design. “The opening of our new premises in Louth is a landmark moment for Duncan & Toplis. The new office is a major investment, underlining our dedication to the region, adding real, lasting value to our communities, by creating a future-fit working environment designed in collaboration with and for our team members. I am absolutely delighted with how the office is looking and we can’t wait to welcome colleagues and clients,” commented Duncan & Toplis Managing Director, Adrian Reynolds. Other partners on the project include Lincoln-based CRM advisors Hunt & Sykes, John Roberts Architects and structural engineer Steve Gilman Design, and Newark-based civil engineer William Saunders. Building, Design & Construction Magazine | The Choice of Industry Professionals

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CBRE instructed as sole letting agents on two new build offices in Birkenhead

CBRE instructed as sole letting agents on two new build offices in Birkenhead

CBRE’s Liverpool Office Agency team has been instructed as sole letting agents by Wirral Borough Council to market 2 Grade A new build offices totalling 147,767 sq ft in Birkenhead.   Currently on site, the scheme is earmarked for completion in Autumn 2023, the only new build offices completing in the Liverpool City region this year with some of the highest ESG and EPC credentials. The scheme, being developed through the Wirral Growth Company, a 50:50 partnership between Wirral Borough Council and Muse will deliver 2 Grade A, BREEAM Excellent office buildings extending to a total of 147,767 sq ft. Wirral Borough Council will be occupying 65,447 sq ft of Building One, leaving part ground and whole of the 1st floor available extending to 24,144 sq ft.  Building Two, comprising 58,176 sq ft of office space is also available. The assets are being built to the highest specification and will provide column free floorplates from 12,500-19,400 sq ft and include VRF air conditioning, metal tiled suspended ceiling, LED lighting, full access raised floor, floor to ceiling glazed elevations, 2.8m floor to ceiling heights, feature reception, showers and cycle hub facilities and will also achieve an EPC ‘A’ rating. Neil Kirkham, Senior Director at CBRE commented   “CBRE is delighted to market this truly high quality asset on behalf of Wirral Borough Council. The scheme will be the only new build office completing in the Liverpool City region this year and will provide the quality of product that is missing and in high demand in the market currently. “These are exciting times for Birkenhead, following developments at Wirral Waters, together with the numerous projects Wirral Borough Council is delivering within its Birkenhead 2040 vision including  Dock Branch Park, Hind Street Urban Garden Village and further commercial district development such as a new ‘repositioned’ Birkenhead Market. “Not only will the new offices benefit from the highest quality finishes and amenities, they will also achieve some of the highest ESG credentials including BREEAM Excellent, EPC A, Well Gold and Wired Score Gold. From an occupier perspective, this development offers all the key attributes employers and employees are currently seeking, with high quality national retailers and F&B offerings in the adjacent Grange Shopping Precinct and Pyramids Shopping Centre, together with unrivalled transport connectivity,  The adjacent bus terminus, Conway Park and Birkenhead Central train stations  also provide a two stop service to Liverpool with direct access to the wider Borough and Chester, together with 3 multi-storey car parks within 200m. “Birkenhead has not seen a speculative office scheme in the town centre for 20 years and we are therefore fully anticipating these buildings are going to satisfy a lot of pent up demand for space in the market.” David Hughes, Director or Regeneration and Place for Wirral Council said:  “This scheme represents an exciting opportunity for businesses looking for modern, sustainable, first-rate office space in the Liverpool City Region. “These buildings will make a positive contribution to the regeneration of Birkenhead, which is currently undergoing significant transformation through a range of other projects.  This development is a testament to our commitment to delivering high-quality assets that meet the needs of businesses and the wider community. “I look forward to working closely with CBRE to bring these buildings to market and to welcoming new tenants to this vibrant and dynamic area of Wirral.” Building, Design & Construction Magazine | The Choice of Industry Professionals 

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Lismore review forecasts growing interest in prime city centre offices, as pricing begins to find its level

Lismore review forecasts growing interest in prime city centre offices, as pricing begins to find its level

Leading independent property advisory firm, Lismore Real Estate Advisors, released its review of the Scottish investment market for the first quarter of 2023, which focuses on the office sector. With prime yields stabilizing, Lismore forecasts growing interest in prime city centre offices, particularly well-let regional offices in cities with limited supply, such as Edinburgh and Bristol. Colin Finlayson, director of Lismore said: “Despite limited supply and challenging conditions for new development, strong demand exists for high-quality office space, which creates opportunities for investors to underwrite rental growth. Yield levels are currently comparable to their long-term averages, making them attractive to long-term investors. Across Scotland, city centre offices show the greatest occupier demand, with potential for refurbishment/repositioning. To stay relevant in the market, retain existing tenants and achieve rental growth, owners of existing assets must invest in improving their ESG credentials and amenities. These improvements are also necessary to maintain liquidity in the investment market.” With an expert view on the market, Andy McKinlay Chair of Ediston Real Estate added: “In the city office markets, supply and demand dynamics are key, in order to achieve investor expectations and development success. The market will become more polarised, leading to a more pronounced pricing differential. “Prime, well-let, new builds with modern occupier-led space and strong sustainability credentials will continue to attract occupiers and trade well. Peripheral buildings can work, but only if repurposed to meet the necessary ESG and wellness credentials, whilst secondary office values need to fall further to reflect post-pandemic demand and capex. Buildings delivered over five years ago are overpriced and lack the necessary ESG credentials.” According to recent research conducted by Lismore, 56% of investors do not anticipate an increase in transaction volumes in the prime office sector during 2023. However, investment managers are more positive, with 56% expecting volumes to increase. However, there are concerns about the quantity and quality of stock being brought to market and the gap between vendor and buyer pricing aspirations. Regarding values, the overwhelming majority of respondents (83%) do not believe that values have fallen sufficiently for added value office space, and they need to see further reductions before revising the sector. An improving debt environment may lead to leveraged investors considering the sector, and those willing to be bold are likely to benefit from discounted deals. The consensus from respondents is that hybrid working is a structural change in working habits, with 56% of respondents expecting it to remain, while 37% expect an increase in the move to work from home, at least for part of the week, over the next year. Businesses are reacting by consolidating their office footprints while providing substantially improved office environments. Looking across Scotland, in office markets in each of the three major Scottish cities is very distinct in terms of occupational demand drivers, and investor sentiment. Edinburgh is benefitting from a broad base of occupier demand, with financial and professional services particularly active currently. This is against a background of low supply, resulting in rental growth. Vacancy rates are low across all grades (particularly in the city centre). This may defer the refurbishment of some buildings which are becoming obsolete, as owners are able to maintain income in a market with low supply. Investor sentiment has settled for prime and investors are actively looking for refurbishment opportunities, though there is a mismatch between sellers and buyers pricing. In the west, Glasgow has traditionally been more reliant on the public sector and corporate occupiers, and both sectors are currently quite inactive on new acquisitions while they work out longer-term space needs. One area of the market that is letting quickly though, is where landlords are offering more flexible and Cat B-fitted options. We expect to see more landlords adopting that strategy as a drive to fill vacant space. With investor sentiment currently being closely tied to occupational trends, the yield gap between Edinburgh and Glasgow has widened and the investor pool is shallower. At an occupational level, Aberdeen is showing genuine signs of improvement. Headline supply levels remain stubbornly high, however, a reasonable proportion of the total supply is effectively obsolete and requires re-positioning or demolition. Good quality stock is gathering letting momentum, both in and out of town and, with the backdrop of little planned new development, dynamics could continue to improve. At an investment level, the city remains low on buyers shopping lists, however, recent transactions such as the sales of Kings Close and Johnstone House provide considerable yield compensation for the more opportunistic and income-focused buyer. The full LISMORE QUARTERLY REVIEW including Research Findings & Expert Views is available to download from: HERE                  Building, Design & Construction Magazine | The Choice of Industry Professionals 

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