Value Add Project

Two Cornwall Street

Birmingham

Nurton acquired an option, in 2011, to buy the Freehold of the 87,000 sq ft early 1980s office building, formerly KPMG’s HQ, where the long leasehold was in the control of a bank. This was at a fixed price of £3.5m with annual option fees. Our original intention to enable the merger of the two interests was superseded by the bank selling to another property company, which pursued a refurbishment & extension strategy to create a 110,000 sq ft Grade A office building called Cornerblock. While the works were being completed & lettings progressing, Nurton first renegotiated and then exercised our option, the latter in November 2017. We sold the freehold of the building with the benefit of the newly created ground rent income to an international investor in May 2018. Our IRR was 20.62%