Nurton Developments’ Two Colmore Square has beaten off tough competition from other Birmingham city centre schemes to land the head office of one of Britain’s best-known companies – and one of the year’s biggest deals in the city’s business district.
Floor cleaner giant Vax has taken just short of 21,000 sq ft on the fifth floor on a 10-year lease.
Nurton’s development director, Rupert Young, was pleased to have sealed the deal in the face of stiff competition and a relatively slow city centre market.
He said: “No letting is easy in the current conditions. Even though we hoped we were top of their shortlist, we didn‘t take anything for granted.”
It took just three weeks from the first inquiry by Harris Lamb until heads of terms were agreed, which Mr Young admitted is very unusual.
“In the last two, maybe even three, years, there have been only a few decent sized office requirements in the market, and almost every time there has been a very long gestation process, before a tenant finally signs with their chosen scheme,“ Mr Young added.
”However, we are seeing a change – which the Vax deal reflects – as people who want Grade A space in prominent locations.”
Nurton was represented during the negotiations by GVA, who are joint agents for Two Colmore Square with the Birmingham office of CBRE, and Shoosmiths carried out Nurton’s legals.