MCR Property expands Birmingham footprint with second acquisition
PROPERTY investment and development company, MCR Property, has expanded its commercial property portfolio in Birmingham with the acquisition of a 17-storey edge-of-centre office building.
The acquisition of Cobalt Square, on Hagley Road, Edgbaston is the second city-based deal completed by the Manchester-based company this year following its multi-million pound purchase of Monaco House on Bristol Street from Tesco after the supermarket retailer shelved plans for a new store on the site.
The value of the Cobalt Square purchase has not been disclosed. MCR has said it plans to use one of the floors as its new Birmingham base.
The property offers 71,923 sq ft of office accommodation across its 17 floors and existing tenants include the CBI, health sector property firm gbpartnerships and Healthwatch Birmingham.
MCR said it now intended to invest heavily in the refurbishment of the building, which it said represented a prime purchase for the business due to its central location.
The plans include all lift lobbies, vacant office suites to include raised floors and air con throughout. The toilets are to be refurbished with the inclusion of shower rooms at ground floor for cyclists.
John Poole, head of commercial at MCR Property, said: “Cobalt Square is an excellent addition to our Midland’s portfolio. The building is situated in a prime location on the gateway to Birmingham’s central business district, providing convenient access to all local amenities. Cobalt Square is ideal for growing companies with its flexible lease terms and accommodation.
“Over the past 12 months, we have continued to grow our commercial property portfolio with a number of acquisitions. We will continue to look for opportunities in the Midlands’ as we believe there is some still some excellent value to be realised.”
