Wragges’ Brum deal’s a done deal

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Wragge & Co signed terms on a shiny new HQ in the centre of Birmingham last week – the largest pre-let in the city by a factor of two.

The firm has the option of taking up to 250,000sq ft, with the flexibility to sublet a portion of that, and will now have to take a decision on how much to occupy over the next couple of years.

Developer Ballymore has enticed Wragges inside with an initial rent-free package. For the succeeding five years Wragges will probably pay around £30 per sq ft.

“The rental will be more expensive, but we’re not afraid of costs,” declared senior partner Quentin Poole. “We’re massively conservatively financed as a firm – we’ve got £20m cash at bank and no borrowing.”

Running costs will be in the region of £6.50 per sq ft and rates £10 per sq ft. Added to that, Wragges will fork out around £80 per sq ft alone for the fit-out, which is to include a number of eco-friendly fixtures.

That’s what it costs to be big in Brum.