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QUARTER PROVING POPULAR FOR OFFICES - October 2007
The Jewellery Quarter has crafted itself a niche such that small to medium sized professional firms are starting to flock to it for its offices according to Philip Jackson from specialist Birmingham city centre estate agency Maguire Jackson.
Wider availability and better quality of properties mean that the historic quarter is more popular than ever before, particularly with small to medium-sized business and those operating in the creative and professional services sectors.
The residential scene is also flourishing with new schemes – either conversions or new builds - regularly coming to the market.
Jackson believes several factors have led to The Jewellery Quarter’s renewed popularity among those living and working there, not least the quirkiness of its address which is matched by its unique character. He explains:
“Years ago the area was associated with being an industrial area and in need of serious regeneration and investment.
“Subtle rebranding took place and it has become better-known as ‘The Jewellery Quarter’ again, which sounds much more attractive than plain, old ‘Hockley’.
“It’s come full circle if you think about it. In its heyday at the beginning of the last century The Jewellery Quarter was an industrial hotspot. Many more manufacturers were here and although some of those have now gone, those who remain have increased their showrooms year-on-year so the retail side continues to grow. Today the jewellery trade accounts for 40 per cent of all the businesses in the area.
Talking specifically about the commercial property market in the Quarter, Jackson says there are particular reasons SMEs are being attracted to the area.
“For a start, rentals in The Jewellery Quarter are extremely competitive. Prime office space in the core city centre can be up to £30 per square foot but out in The Jewellery Quarter – which is less than a mile away – you’re looking at between £10 and £15 per square foot.
“On top of that the parking is easier and cheaper and, in some cases, it’s free. There’s easier access to The Jewellery Quarter, especially given the major road works in the city centre at the moment.
“It’s really catching up in terms of the facilities and amenities on offer too. There are already 30 bars and restaurants in The Jewellery Quarter and that figure is increasing, especially around the Frederick Street and Regent Street areas where some exciting restaurants are promised to open over the next few months.
“It’s really raising its game in every respect and that means there’s a better quality of life there than many people realise.”
He says commercial property in the Quarter is also attractive to businesses run by owner-managers:
“The properties are of such a size that they make perfect SIPP (self invested personal pension) investments and are affordable to private landlords.”
Jackson cites Caroline Point as the perfect example of what’s proving popular in The Jewellery Quarter:
“This is on the site of a former jewellery manufacturing property and has been newly developed in to 14,000 square feet of high quality office space. It’s over four floors which have been split into 12 self-contained offices which are available on 999 year leases.
Jackson says the area is proving as popular with residents as it is with businesses and believes that a village-like atmosphere is one reason.
“The Jewellery Quarter feels like a community,” he explains. “There’s a genuine friendliness about the place and that’s a major attraction for the people who live here.”
However, he is mindful of one potential pitfall the Quarter could face:
“Currently planning restrictions mean that the ‘Golden Triangle’ and the 'industrial middle' in the heart of the quarter have been largely protected from residential development, which is taking place on the ‘industrial fringe’ instead. The idea was a good one – to protect the traditional jewellery manufacturers.
“But despite that protection, those manufacturers have struggled to survive, as has manufacturing more generally across the UK.
“I think it would make sense to recognise this and rethink the planning policy in the area. Mixed-use developments certainly add vibrancy to the area after 6pm and help build a nightime economy.
“Without a rethink, there’s a risk The Jewellery Quarter will turn into a donut –residential developments surrounding an empty centre,” he warned.
Maguire Jackson, Leading Letting & Estate Agents in Birmingham City Centre: flats & apartments to rent Birmingham, property to rent Birmingham. Property, flats, apartments, for sale in Birmingham. Commercial property, offices to rent and for sale, Birmingham.
