Goold Estates, the Walsall based developer, one of the first
companies in the region to make use of the Business Premises
Renovation Allowance for an office building have revealed
that this has also assisted them to secure their first tenant
at Black Country House in Oldbury.
The Business Premises Renovation Allowance was designed to
encourage the conversion and renovation of empty business
properties in certain development areas by granting 100% tax relief
for capital expenditure incurred in bringing them back into
business use.
Goold Estates undertook a £1.6 million refurbishment
programme to include a new façade and full refurbishment of
the second floor, new reception area, common parts and new lifts
and wcs.
Dominic Goold, Managing Director of Goold Estates commented "As
part of this contract the first floor was completed to a shell
finish. Our first tenants Crowe Clark Whitehill, the national
audit, tax and advisory firm, took advantage of this to specify the
finishes they required. As part of the deal negotiated we not only
refurbished the floor but also fitted out the space as part of the
package with the added tax advantages."
Midlands Managing Partner of Crowe Clark Whitehill, Johnathan
Dudley added: "The building's strategic location near Junction 2 of
the M5, its quality of specification, good parking ratio and
competitive rent were also determining factors in our decision to
choose Black Country House but the innovative approach to the fit
out sealed the deal."
Kelvin Craddock of Jones Lang LaSalle, joint letting agent with
Knight Frank added "Our clients ability to provide such a package
proved crucial in securing our first tenant which can be replicated
with other tenants.Part of the Ground Floor is now also under offer
and there is good interest in the remaining accommodation. Suites
are available from 1,012 sq ft up to 20,000 sq ft. The floorplates
of 10,500 sq ft have also been attractive to potential
occupiers."
Goold Estates were advised on the allowances claim by the
Birmingham office of Deloitte LLP.