Railpen completes retail and leisure phase of Birmingham office redevelopment
Railpen, the manager of the UK’s railway pension scheme, has completed the first phase of the transformation of Multistory, its office-led development in Birmingham.
This first phase comprises 27,000 sq ft of retail and leisure space on the ground and lower floors of the development.
Two existing buildings are being combined to create Multistory, the ground floors of which have been merged to create eight retail units. These are linked by a 15,000 sq ft indoor-outdoor bar and café with a 2,000 sq ft terrace, an adjoining atrium, and a 100-seat auditorium.
The units within the first phase range in size from 450 sq ft to 6,770 sq ft, and can accommodate a range of uses including a gym, restaurant, bar, café, and leisure. Railpen said it is targeting a blend of local independents and national operators to create a compelling mix that will appeal to Multistory’s community, as well as the surrounding population.
CBRE and Creative Retail have been appointed as leasing agents on the retail and leisure provision.
Other facilities delivered in phase one of Multistory include co-working space, meeting rooms, library, parking for 286 bikes, shower and changing facilities, and 70 car parking spaces, including ten EV charging points and six accessible spaces.
Emily Atkinson, asset and transaction manager at Railpen, said: “While office demand in Birmingham is very strong, occupier needs are evolving. Much greater emphasis is being placed on the appeal of the space to employees, not just in terms of location, but amenities, the overall experience, and the ability to facilitate team building. Our transformation of Multistory reflects these new dynamics, creating the best amenity space in the city, complemented by ideal retail and leisure units.
“We are confident the sense of community the offer will create will further boost the appeal of Multistory to office occupiers, with the refurbishment setting a new standard in the city for the value it places on the connection between people, space and place.”
The new units and amenity space form part of the wider investment in Multistory, with Railpen refurbishing 73,000 sq ft of office space to Grade A standard. The offices, including two new reception areas on The Old Square and Colmore Square, are located a three-minute walk from Snow Hill train station and are due to be completed in September this year.