A property developer has pledged to invest heavily after buying a 17-storey Birmingham office building.
Manchester firm MCR Property has expanded its commercial property portfolio in Birmingham with the acquisition of Cobalt Square on Hagley Road.
MCR said Cobalt Square was a prime purchase due to its central location and announced its plans invest heavily in the refurbishment of the building.
The firm will also use one of the floors to open its new Birmingham office, to add to its Manchester and London offices.
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.”
MCR Property recently purchased Monaco House on Bristol Street from Tesco in a multimillion pound deal.