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Nurton Developments has sold Birmingham’s 2 Colmore Square and the interconnected Cannon House, Priory Queensway, to RPMI Railpen for £95M.
The new owners say proximity to the Curzon Street HS2 station helped persuade them to buy.
“The building’s proximity to the new HS2 Curzon Street station, the low rents and the asset management opportunities that exist provide long-term opportunities for growth,”RPMI Railpen Head of Property Anna Rule said.
The railways pension fund becomes the second buyer to top £90M in the Birmingham office investment scene in 2018, following IM Properties’ completion of the £98M sale of 55 Colmore Row to TH Real Estate.
The 300K SF block is 95% let at an average rent of £21.50/SF. The yield is 6.4%. GVA and V7 Asset Management acted on behalf of RPMI Railpen, with CBRE representing the vendor, Colmore Square LLP (Nurton Developments).
Occupiers include Shoosmiths, Jacobs U.K., Energy Systems Catapult, the Secretary of State and Handelsbanken.
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