11 DECEMBER 2024
Midway through its £35m refurbishment programme, Grosvenor is capitalising on investment across its 500,000 sq. ft. regional office portfolio, with 44 lease events across 145,000 sq. ft driving a 42% uplift in rental income in 2024.
Launched in 2023, Grosvenor’s programme of investment is applying the organisation’s experience of retrofitting properties across its London portfolio to create leading retrofit assets in Manchester, Bristol, Leeds and Birmingham.
As part of Grosvenor’s active asset management, significant leasing activity in 2024 has included lettings to Softcat and Alvarez & Marsal at the Billiards Building, Arts Council England at the Hive and Wards Solicitors at Prudential Buildings.
Reflecting Grosvenor’s strategy to transform 20% of UK commercial space into a 300,000 sq. ft. flexible and fitted workspace portfolio, 16 plug and play suites totalling 37,000 sq. ft. have been created across the organisation’s regional offices.
In total, £10m of capital and environmental improvement projects have been undertaken across 2024 as part of a push to reposition the portfolio to meet a growing demand for the highest quality space.
The most comprehensive environmental upgrades across the regional portfolio have taken place at the Billiards Building in Birmingham, which became Birmingham’s first listed commercial building to achieve net zero earlier this year.
Building on this success, Grosvenor will continue to identify opportunities to reduce operational carbon across its portfolio, with plans to remove the gas heating system from Canada House in Manchester and upgrade the heating and cooling system at Toronto Square in Leeds in 2025.
Fergus Evans, Office Portfolio Director, Grosvenor said:
“This year has seen regional leasing activity gradually strengthen, particularly in Birmingham, where we have shown at the Billiards Building how well executed amenity and environmental improvements can drive occupancy and rental values.”
“We are set to emulate this across our portfolio, creating some of the leading retrofitted offices in the country. We’re confident that this approach will increasingly put us at a competitive advantage as occupiers more actively consider the embodied carbon of their spaces alongside their day-to-day environmental impact.”
About Grosvenor:
Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management, and support for philanthropic initiatives. With a 340-year track record, we are committed to delivering lasting commercial, social, and environmental benefits, meeting today’s needs while taking responsibility for those of future generations.
Our UK property business supports around 1,000 businesses and thousands of residents and workers across London’s West End, while also investing in sustainable neighbourhoods in Liverpool and across England. As a company aligned with the 1.5°C climate target, we pioneer change and innovation in urban development, ensuring our places benefit both people and the planet in the long term.
Matthew O'Connell
Senior Public Affairs & Communications Manager
+442073126153
matthew.oconnell@grosvenor.com