abrdn creates flexible workspace partnership with Orega at Ingenuity House in Birmingham and pre-lets c. 6,000 sq ft

Orega, the flexible workspace provider, has made a new Partnership Agreement with abrdn to create a high spec flexible workspace at Ingenuity House, Bickenhill Lane, Solihull, B37. The new space will open in January 2024.

The 30,500 sq ft flexible workspace will be newly refurbished to provide around 550 workstations on the ground and first floors of the building. The building offers a unique communal atrium where all customers can enjoy hospitality led amenities and facilities.

In a separate deal, Orega has pre-sold 150 desks on the 1st floor to a major financial services business on bespoke flexible terms, a real testament of the quality of the Orega offering within Ingenuity House.

Ingenuity House is a unique, highly sustainable office building comprising 114,635 sq ft on five storeys, with a Grade A specification. It is an intelligent building and utilizes top grade integrated technology to successfully create a healthy and inspirational working environment, including using space occupation analysis systems to maximize space utility and energy consumption.  It received both the Gold National and the Silver Regional Awards for Innovation at the BCO Awards in 2019 and the Celebrating Construction 2017 Digital Construction Project Award. It has a BREEAM score of 70%

The building is located on one of the UK’s best commercial hubs, adjacent to Birmingham International Airport and Railway Station and close to the NEC, Resorts World and the Birmingham Interchange at HS2, currently under construction. Once complete HS2 will cut the Birmingham to London journey time from 1 hour 21 minutes to 52 minutes.

The new workspace is designed to be a modern, flexible base for the area’s professional and financial businesses, and will offer brand new:

• A huge design-led atrium space that focuses on hospitality.
• A wide choice of different working zones space
• Large meeting room suite
• More space person than the industry norm
• On-site shower and changing facilities.
• Unlimited barista-quality coffee
• Secure bike parking
• Carparking and EV charging points

Les Ross, Fund Manager, abrdn said, “We look forward to working with Orega on this new partnership, Ingenuity House is a high-quality asset with strong ESG credentials. We are committed to reduce the environmental impact of our buildings and we also have a responsibility to investors who want to ensure the way they invest is environmentally relevant. Given the high specification of this building we expect to attract significant interest from occupiers.”

Will Kinnear of HEWN who advised abrdn in the letting to Orega commented, “The flexible workspace sector is flourishing in the regions, as hybrid working becomes business as usual. By their very nature, flexible workspaces are flexible and responsive to market conditions. abrdn understand this and the partnership with Orega, to provide a high-quality flex offering alongside a traditional office product will ensure that Ingenuity House can meet all demand in the area. This site is a gamechanger for the Midlands and the flexible workspace market.”

Ben Hutchen, Real Estate Director at Orega, commented: “Ingenuity House is a unique building, which will attract a lot of interest from businesses who are increasingly looking for a flexible way to occupy property but also require high quality “state of the art” space.  The popularity of flex space has been growing in Birmingham.  According to CBRE*, the city now has 650,000 sq ft of flex space, an increase of 37% on 2022. Average occupancy rates in the city are high- at 85%.”

“We are also delighted to have secured an early pre completion letting to a prime financial services business, which clearly demonstrates the quality of ‘flex’ demand. We are thrilled to have captured this within our joint venture agreement on behalf of abrdn.”

CBRE’s out-of-town specialist, Michelle Mills, is retained by abrdn to lease the remainder of available space with colleague Dan White, head of flex advisory, Midlands and South, acting for Orega and the new occupier.