Family-owned property company Bruntwood has confirmed its acquisition of 2 Cornwall Street in Birmingham’s central business district.
As revealed in Estates Gazette last October, the Manchester-based firm has bought the 90,000 sq ft office block from RBS property arm West Register. Details of the deal were undisclosed; however, Bruntwood is believed to be paying more than the £9m asking price at circa £10m.
Bruntwood confirmed the acquisition via its 2014 annual results, in which it boasts a profit increase of 56% to £19.3m.
The building has lain vacant since previous tenant, KPMG, relocated to neighbouring One Snowhill three years ago.
Bruntwood chief executive Chris Oglesby said: “The year 2014 has been a standout one for Bruntwood. The fact that we continued to invest in our portfolio during the economic downturn has positioned us well to fulfil the uptake in demand that we’ve seen across all of our markets as the economy has recovered and the focus has shifted to the major city regions as engines of growth.
“We therefore enter 2015 with confidence as we deliver a development pipeline of over 2m sq ft including Alderley Park, 3 Sovereign Square and City House in Leeds, Cornerblock in Manchester, the new 70,000 sq ft Heart of the Park at MSP, Manchester Business School and 2 Cornwall Street in Birmingham as well as fulfilling our ambitious plans for Manchester Science Partnerships.”
The firm has not yet revealed its plan for the building. However, it is likely to refurbish it in line with its existing company strategy of transforming outdated buildings, rather than demolishing the building to carry out a comprehensive redevelopment.
This is the fourth building acquisition in Birmingham for Bruntwood. It already owns the Cornwall Buildings in Newhall Street, the McLaren Building on Priory Queensway and Centre City in Hill Street.
GVA and CBRE advised West Register on the sale.
