The owner of a Birmingham office block has opened the door to more development after buying a nearby multi-storey car park.

M&G Real Estate, which owns Two Snowhill, has completed its acquisition of the Royal Angus car park, in Whittall Street, off Steelhouse Lane, from Jam Time for about £9 million.

The deal comes after London investment firm M&G bought Two Snowhill for a reported £140 million.

The Snowhill area secured a major boost last year with the announcement that HS2 would be moving to Two Snowhill this year, creating 1,500 jobs and promising thousands more in the supply chain.

The NCP car park has an unexpired lease term of 22 years.

It has 649 spaces on 12 levels, which are likely to be increasingly sought after amid rising employment in the Snowhill area – particularly with Three Snowhill on the way.

But reports claim the future development potential of the site also proved a key driver behind the sale.