Developer sells newly-launched city centre office block in multimillion-pound deal

Nurton Developments has disposed of its freehold interest in Cornerblock in Birmingham to real estate investment company Aprirose for £5.58m.

Cornerblock is 95%let, following a £14m refurbishment in 2017.

The newly launched office building is located on Cornwall Street in the heart of the Colmore business district.

Nurton purchased the freehold for the 110,000 sq ft building for £3.5m when it fell vacant.

Rupert Young, development director at Nurton, said: “The Cornerblock freehold has been a good performer for us without having to outlay significant capital too early.

“Clearly the interest HS2 is creating in Birmingham, as well as the revival of Colmore Row and the Central Business District as a new destination has made the freehold sale a good proposition.”

He added: “Our business has always been about creating maximum growth from assets. As the business moves forward, we felt now was the time to extract our value from the building to put towards future planned projects in the region and across the UK.  We have a large interest in strategic land at present and plan to continue to invest where the market dictates.”

The Cornerblock freehold sale by Nurton follows closely behind the disposal of two assets from the property company’s industrial portfolio in the West Midlands, which reached above the asking price, totalling £4m.

Manish Gudka, CEO of Aprirose, added: “There has been an increase of inward investment into Birmingham along with the regeneration of the city centre, underpinned by the prospect of HS2 boosting Birmingham’s status as England’s second city. This combined with the strength of the occupier market makes Birmingham an attractive location for investment in well-located high-quality office stock, such as Cornerblock.”

BNP Paribas acted on behalf of Nurton Developments.

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