Prime £12 million office development in Solihull to be managed by Principle Estate Management
Principle Estate Management has won the contract to manage a major office and residential development project in Solihull.
Sapphire Court is made up of six interlinked blocks totalling 88,375 sq ft on a 3.93-acre site on Streetsbrook Road in Solihull town centre.
The part-occupied office development was bought by Streetsbrook Property Developments LLP, part of Investin plc, for £12 million in June, and Principle has now been appointed to manage the property.
Half of Sapphire Court is currently empty, with 95 per cent of the other half occupied by the Environment Agency and HMRC.
But with HRMC due to move all regional offices into a new super office at Arena Central in Birmingham, a mixture of residential conversion is now planned.
Jon Burgwin, of Investin, said: “Principle is a niche property management specialist with both commercial and residential skills, and we’re thrilled at how quickly they’re getting to grips with everything required at Sapphire Court.
“They’ve quickly built up good working relationships with all tenants and with their various centralised facilities management teams, bringing numerous compliance and legal matters up to date.
“They’ve also had to deal with several inherited problems – including an out-of-order lift, an uncontrolled car park and several air-conditioning issues, as well as reviewing all service providers to ensure compliance and value for money.”
Mr Burgwin said he has known Brett Williams, managing director of Principle Estate Management, for many years, and added: “Principle is an agile business that will provide great support to the tenants and ourselves as we develop our strategy and complex development plans.”
Brett Williams, managing director of Principle, said: “We love clients who give us big and complicated instructions, as we can really show our worth to them as strategic advisers.
“As well as solving service issues, our work at Sapphire Court has already included discussing options on small amounts of vacant space in one of the blocks, dealing with outstanding rent reviews and resolving tenants’ issues relating to the hotel construction.
“This size of this property and its planned development is exactly the type of commercial management contract that we have the experience and skills to deliver.”
Adjacent to the 99-bedroomed hotel currently being built, the vacant part of Sapphire Court will be converted from office to residential in the near future.
Brett Williams launched Principle Estate Management in Birmingham in April this year and was recently joined by director Joe Jobson. Both are chartered surveyors.
Principle Estate Management is based at Cornwall House in Lionel Street, Birmingham, and offers a national property management service including all types of residential and commercial property management.