Birmingham based Nurton Developments, has acquired two office buildings in a JV with a private investor – Aspect Court, Temple Row, Birmingham and Wireless House in Warwick for circa. £9million.
Aspect Court was acquired from Greentree Estates and comprises 24,000 sq ft of offices over 7 upper floors with ground floor retail and is currently vacant apart from the retail space.
The 50,000 sq ft Wireless House, on Warwick Technology Park, has a ground and two upper floors and was acquired from a corporate occupier, Tulip Ltd. It is vacant apart from 9,000 sq ft let to Accenture.
Both buildings will be extensively refurbished and asset managed to deliver enhanced value and capitalise on what is a buoyant office market in the region, with Birmingham in particular bourgeoning and set to hit the million sq ft mark in office lettings this year.
Rupert Young, development director at Nurton Developments said: “We’ve been looking at opportunities for a while and are extremely pleased to have secured these two off-market deals which play exactly to one of our main strengths – taking dated multi-let buildings and turning them into Grade A offices which are successfully asset managed to attract quality tenants.
“Letting agents have already been instructed on the acquisitions and we’re confident we will deliver good returns on our joint investment over the next 12 to 18 months, with tenant interest looking encouraging.”
JLL and CBRE are to be joint letting agents on Aspect Court. Bilfinger GVA, JLL and Savills will be letting agents on Wireless House.
Rupert added: “We have an excellent track record for asset managing buildings, even during more difficult market conditions. Birmingham is riding on the crest of a wave at the moment and with dwindling Grade A stock in the city, there is strong investor appetite which makes it even more pleasing that both buildings have been acquired for what we consider to be the right price.”
Nurton’s JV was represented by MK2 and JLL on Aspect Court and Bilfinger GVA and JLL on Wireless House.