Ardstone Capital has secured two new lease extensions totalling more than 100,000 sq ft at Victoria Square House in Birmingham city centre.
The Gambling Commission has extended its lease on the 26,000 sq ft fourth floor of the 160,000 sq ft building and The Office for the Public Guardian has recommitted to 81,000 sq ft across the lower ground, part ground, first and third floors. Together, the regears secure more than two-thirds of the building’s total footprint.
Michael Cecil, head of asset management at Ardstone Capital, which is the asset manager for the landlord Ardstone Regional Office Fund, a joint venture fund with CBRE Investment Management, said: “Ahead of the asset sale scheduled for later this year the lease extensions will allow time for the extensive development potential of the asset to be explored. Victoria Square House occupies a significant slice of Birmingham’s CBD and we are delighted that the UK government has committed to stay for a further period.”
George Jennings, partner at Newmark Group, which acted for Ardstone Capital on the lettings, added: “These extensions reflect a broader government strategy to retain existing office space, delivering value for public funds by avoiding the costs and disruption associated with relocation. We’re delighted to have played a key role in delivering this outcome.”
