Value Add Project

Two Colmore Square & Cannon House

Birmingham

The £45m acquisition of Priory & Cannon House in June 2004 in a JV LLP with two private investors went on to be the largest refurbishment completed outside London to achieve BREAM Excellent certification at the time. Originally built between 1959 & 1962, the adjoining buildings totaled c.300,000 sq ft including significant basement areas and ancillary ground floor retail. Offices were let on short term leases at a rental tone of c.£17.00 psf. Nurton negotiated lease surrenders then undertook a comprehensive c.£20m refurbishment in two main phases, starting with Cannon House, then moving on to Priory House, renamed Two Colmore Square, taken back to frame and a new 36,000 sq ft top floor added across both buildings. Cannon House was multi-let let successfully prior to the global financial crisis at up to £26.00 psf. Two Colmore Square was let and then asset managed during and after this period at similar rental levels. The property was sold for £96m in August 2018 to a UK pension fund.