Old Carillion HQ in Wolverhampton to get £1m makeover
The family property group that has just bought Wolverhampton’s Carillion House plans further major investment in the city.
Gupta Group is looking to multi let the 38,000 sq ft of office space in the six-storey Salop Street building.
Director and chief executive Ankush Gupta said that more than £1 million was to be spent on Carillion House.
But work will not start until the remaining 140 Carillion staff have moved out once accountants PricewaterhouseCoopers – the special managers of the Carillion liquidation for the Official Receiver – have completed their work.
Mr Gupta said that the London-based group had offered a reduced rent to PwC.
His brother Arjun, director and chief financial officer, and father had visited Wolverhampton this week to meet the PwC and Carillion team and explain that they wanted a smooth transition.
“We have said that however long they need the building for that is fine and we are happy for them to stay on at the reduced rent,” he explained.
The real estate group, which was started 30 years ago, has mainly concentrated on property in London in the past.
“We are now looking to expand into different areas like hotels, student accommodation and office buildings,” said Mr Gupta.
“We came across Carillion House through property management company JLL and realised Wolverhampton is somewhere where we will continue to invest.
“We believe with its transport links Wolverhampton is a great location in the Midlands.
“I really see Wolverhampton growing fast in the next few years and I would like to have a small part of that.”
Mr Gupta said Carillion House was a great buy for the group’s investment portfolio.
“We have also had a meeting with Wolverhampton Council and they were over the moon that we would like to keep it as offices,” he added.
Mr Gupta said the building had undergone refurbishment in 2015-2016 and would not need too much work, but it would certainly be a seven-figure sum.
“We are looking at a multi let for Carillion House, possibly by floors or by dividing up floors,” he said.
“There is a large demand in Wolverhampton for space between 2,000 and 3,000 sq ft.
“We will work with Wolverhampton Council because they want to see new businesses bringing in more jobs to the city.”
The aim is to offer Grade A office accommodation for national and regional occupiers.
Detailed plans for the future of the building have yet to be drawn up and agents to market it have yet to be appointed.
Mr Gupta said plans for the building would also feed in to the £55m regeneration of the neighbouring Westside area of the city.
The amount that Gupta Group has paid for Carillion House, which was originally built in 1977, has not been disclosed.