Birmingham office building sold in £5m deal
Nurton Developments, in a joint venture with Hortus Investments, has completed an off-market, £5m deal to buy Newater House in Newhall Street, Birmingham.
The 36,000 sq ft, eight storey office building is in Birmingham’s Colmore Business District, home to Ginger’s Bar & Purnell’s Bistro on the ground floor, owned and operated by award-winning chef, Glynn Purnell.
Currently three quarters occupied, the building has floorplates of 3,711 sq ft. Newater House will now undergo a £3m rolling programme of internal refurbishment as occupiers’ leases expire, including lobbies and WCs with further improvements to create a “modern statement” reception. There are also plans to create a new 8th floor replacing an underutilised former caretaker’s flat.
The new joint venture – Nurton Developments (Newater) – acquired the freehold interest of the building from Newater Investments.
Rupert Young, development director of Nurton Developments said: “We have been working on this deal for over 12 months and being a Birmingham based business we clearly have a strong understanding of local market dynamics and can assess the medium-term potential to add value and attract occupiers.
“Newater enjoys a prime location, with excellent connectivity and a good range of amenities on its doorstep. The completion of construction of 103 Colmore Row opposite will only add to this location.
Young added: “Looking to the future, when the city rebounds and finds its feet again, we believe Birmingham is well positioned and strong enough as a business community to continue on an upward trend and offer good value for investors.”
Henry Horton from Hortus Investments added: “We are delighted to have teamed up with Nurton on this exciting project. We share their confidence in Birmingham’s long-term future and in the prospects of a refurbished and enhanced Newater House”
Hortus Investments is a newlycreated family trust headed by Henry Horton. Its aim is to invest in real estate in the Midlands both in its own right and in collaboration with partners.
Ben Ackrill of Strava Consulting introduced the Newater House opportunity.
