Moves made to occupy city centre office space

Council bosses this week announced that they are looking to enter into a 10- year lease with IWG – who specialise in providing office space for companies – to lease the ground floor of the i11 building in Victoria Square, adjacent to the city’s bus station.

At a meeting of this week’s cabinet resources committee, it was agreed that the council would enter into a profit-share agreement with IWG to let and manage the first floor of the building, which currently houses Sainsbury’s, West Midlands Travel and Unite.

Councillor Bhupinder Gakhal (Lab. Wednesfield South), cabinet member for city assets and housing, told members: “The council has –  so far – been unable to secure anyone to take the first floor of the i11 building and it has therefore remained vacant. Whilst the i11 building is a prime asset, the fit-out of the first floor office space is tired and is in need of refurbishment to attract a good corporate occupier.

“Our proposal is for the council to enter into a 10-year lease agreement with IWG, more familiarly known as Regus, who provide workspace. This will be to let and manage the first-floor office space. The fit-out works can be completed by IWG.

“IWG currently receive around 45 enquiries a month for office space in the city. Therefore we are confident the i11 building will prove a popular option, along with its strong transport links to the Wolverhampton Interchange. The proposal increases the variety of office space available in the city and provides a major opportunity for economic development,” he added.

The building is being marketed through property agent Knight Frank at a rent of around £160,000 a year.