Nurton puts prime city centre asset on the market for £105m

BIRMINGHAM property firm Nurton Developments is understood to have put one of its prize city centre assets on the market with an asking price in excess of £100m.

Property website CoStar News is reporting that the company is asking for offers in excess of £105m for Two Colmore Square & Cannon House.

The move would suggest the company is looking to capitalise on the property following its full letting. A final deal for remaining office space was concluded in the last couple of weeks.

CoStar News said it understood that CBRE had been appointed agents and was looking to draw up a shortlist of suitable bidders.

Nurton announced last month that Handelsbanken had made a large commitment to the building by agreeing a 40% expansion deal, tied to a seven-year lease.

The deal followed in the wake of another letting agreement for the building, this one by Jacobs Engineering, which has become one of the first companies to relocate close to the new HS2 Construction headquarters at nearby Two Snowhill.

Comments by Rupert Young, development director for Nurton Developments, at the time of the Handelsbanken deal last month now appear prophetic.

He said: “We’ve attracted some excellent high profile names since we acquired the building in 2004 including VAX, Shoosmiths and Jacobs. This (Handelsbanken) expansion is also a sign of the great strength of the Birmingham market.”