Value Add Project

Trigate, Quinton

Birmingham

Nurton acquired the 72,000 sq ft, part let Quadrant West office building on one of the main arterial routes into Birmingham in February 2006. A prominently positioned building, arranged over three wings on each floor, we initially spent c£1.5m to reclad, refurbish and enlarge the reception area as well upgrade some of the vacant space, and renamed it Trigate. We asset managed the existing tenant line up and negotiated vacant possession where there were issues. The level of income in the building doubled in three years. The property has been a core holding ever since and is currently 74% let. We continue to invest in refurbishments, regear leases and work with tenants to improve occupancy. A Nurton owned, serviced office operation, Flexibase, also occupies three wings. The building produces an annual average rental surplus of c.£225,000 p.a. and yields c.8.10%.