Our Strategy in Action continued
Rum Runner Works, Regency Wharf Repositioning assets
In Birmingham we have converted vacant restaurants into Grade A canalside office space. We secured planning permission for change of use for the building from leisure to offices and during the year completed the project renaming it Rum Runner Works, as it was once home to the historic Rum Runner nightclub. We relocated an existing occupier which allowed us to convert the canalside block into offices. The building maintains a mix of period features and modern design over 16,200 sq ft. Excellent floor-to-ceiling heights, feature lighting, and exposed services give the glass and steel construction an industrial feel reflective of its manufacturing past. Terraces offer private outdoor space with a view and the central courtyard makes it ideal for events and functions. The refurbishment was carried out in line with our refurbishment guidelines, which have the aim of ensuring sustainability is at the heart of the design process. The building’s EPC rating was improved from an E to a B. Natural gas was removed from the building and solar panels were installed along with heat recovery systems. The works were completed in late 2021 and the building was shortlisted for the British Council for Offices Awards 2022. The estimated rental value has increased from £0.2 million per annum as leisure to £0.4 million per annum as an office. We expect strong demand for a self-contained Grade A building which offers unique space and good sustainability credentials.
112% Improvement in ERV E to B Upgraded minimum EPC rating
Portfolio Performance and Acting Responsibly See more information on pages 20-21
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Picton Property Income Limited Annual Report 2022
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