Bridges Ventures and Evenacre bring latest energy-efficient technologies to Birmingham’s Grade II listed building
London, 24th July 2013: Bridges Ventures and Evenacre have announced they will be investing around £1m to refurbish 158 Edmund Street, a Grade II-listed office building in Birmingham.
Bridges Ventures – through its Bridges Sustainable Property Fund – and Evenacre acquired the property last year and the refurbishment will result in 21,331 sq ft of Grade A office accommodation, split over four floors.
The interior will be a mix of traditional and contemporary design and close attention has been paid to the sustainability of the building, including intelligent lighting, the most efficient air conditioning system currently available, and the use of energy harvesting technology through photovoltaic panels, all of which substantially reduce operational costs for tenants.
Launched in 2009, the Bridges Sustainable Property Fund invests in buildings showing environmental leadership and properties in regeneration areas with the aim to generate strong financial returns as well as delivering a positive social and environmental impact. Last month the fund announced the acquisition of another Grade II listed building in Birmingham’s ‘Jewellery Quarter’, 50-54 St Paul’s Square, which will also be refurbished with environmental improvements in mind.
Guy Bowden, Acquisitions Director at Bridges Ventures, said: “This project represents a great opportunity to bring back to life a Grade II listed building using some of latest energy-efficient technologies. In addition the property is in a highly desirable location for any business looking for an office space in central Birmingham.”
Paul Jones, managing director of Colmore Row-based Evenacre, said: “We’re really excited about this project. For the first time in 25 years, 158 Edmund Street is getting a comprehensive refurbishment, which this Grade II listed building thoroughly deserves. We want to create something unique for the Birmingham office market and we believe the mix of contemporary styling and traditional period features will provide an environment like no other in the city.”
Property consultants CBRE have been appointed as sole agents on the building.
Theo Holmes, associate director in the office agency team at CBRE in Birmingham, said: “As far as office refurbishments go, 158 Edmund Street is the only whole building being refurbished in the city this year. At a time when Grade A office space is in short supply, the addition of an extra 21,331 sq ft is welcome news for the market. The mix of high quality accommodation, location, flexibility of floorplates and competitive occupational costs will make this a very attractive proposition for occupiers looking to locate their business in the central business district.”
In addition to 158 Edmund Street, Evenacre and Bridges Ventures have acquired 170 Edmund Street from CBRE Investors, which they also intend to fully refurbish.
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Notes to Editors
About Bridges Ventures
Bridges Ventures LLP (“Bridges Ventures”) is a specialist fund manager dedicated to using an impact-driven investment approach to create superior returns for both investors and society at large. Bridges Ventures has raised six funds to date which total almost £300m: Sustainable Growth Funds I, II and III, the Bridges Sustainable Property Fund, CarePlaces Fund, the Bridges Social Entrepreneurs Fund and the Bridges Social Impact Bond Fund.
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