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City landmark sells
June '06
Represented by Birmingham-based agents, GSD, Princeton Investments has sold major Edgbaston office building - Cobalt Square (formerly Hagley House) - to clients of LaSalle Investment Management.
LaSalle's clients - a corporate pension fund - will be investing close to £1 million in the refurbishment of the next five floors (comprising nearly 21,280 sq ft) of the 73,000 sq ft, 17-floor property, on which work has already begun. Cobalt Square will also be the subject of external enhancements including the application of architectural film to the exterior elevations and creative lighting effects to give the building a blue hue, for which planning has already been submitted.
It is anticipated that the planned renovations of both the office space and common areas will increase the income potential of the property, where the current guideline rental is £14.50 per sq ft. The newly upgraded vacant floors (one to five inclusive) will be released for occupation in July this year.
Cobalt Square has attracted a wide range of occupiers including IT specialist, Rhyme Systems and international management consulting firm, PA Consulting, as well as Birmingham City Council and outdoor advertising specialists,The Maiden Group.
Princeton was represented by GSD and Goldenberg Real Estate; Jones Lang LaSalle acted for the purchaser.