Birmingham-based developer Nurton Developments has struck two off-market deals to acquire buildings in Birmingham and Warwick.
Nurton has paid £9m for the buildings in a joint venture with an un-named private investor.
Aspect Court, on Temple Row in Birmingham, was acquired from Greentree Estates, while the 50,000 sq ft Wireless House on Warwick Technology Park was acquired from a corporate occupier, Tulip. It is vacant apart from 9,000 sq ft let to Accenture.
Aspect Court comprises 24,000 sq ft of offices over seven upper floors with ground floor retail and is currently vacant apart from the retail space.
Both buildings will be extensively refurbished and asset managed to deliver enhanced value and capitalise on the buoyant office market in the region.
Rupert Young, development director at Nurton, said: “We have been looking at opportunities for a while and are pleased to have secured these two off-market deals which play exactly to one of our main strengths – taking dated multilet buildings and turning them into grade-A offices which are successfully asset managed to attract quality tenants.”
JLL and CBRE are to be joint letting agents on Aspect Court. Bilfinger GVA, JLL and Savills will be letting agents on Wireless House.
Nurton’s joint venture was represented by MK2 and JLL on Aspect Court and Bilfinger GVA and JLL on Wireless House.
