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The Argent
Centre, Jewellery Quarter
for Midlands Industrial
Association (MIA)
 
This scheme was initiated at the height of the early 80’s
recession. The market was so depressed that although it took 18 months
to acquire the building, no other bid was received by the vendors in
that time and the 43,000 sq ft building was eventually purchased for
£90,000. Parts had not been properly occupied for many years and at that
time, it was considered highly doubtful that a market existed for the
upper floor accommodation. Nevertheless the funding was secured and the
building converted to managed workspace, with units available to let to
small businesses on monthly all-inclusive licences. When the second
phase was released, there was a queue of people waiting outside and 12
units were let on the first day.
MIA is an Industrial and Provident Society and Enterprise Agency which
Peter White helped establish and then ran for its first 15 years. During
this time, he developed a number of large successful schemes, which he
project managed throughout including the Chubb Buildings in
Wolverhampton and the Telsen Centre, in Aston. The organisation
still operates today and continues to be successful and sustainable from
both a regenerative and a financial point of view.
Key
lessons demonstrated by this project:
-
Never listen to ‘the establishment’ when you have a transformational
idea! (Peter White was told he was mad to be trying to do this one)
-
If
you have a difficult purchase, that will take a long time because of
funding approvals etc, study your vendor and see what you can do to
give them the comfort they need to stick with you. This purchase
took 18 months. We bought the lot for £90k.
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