Pictured above: Rupert Young and David G Bradshaw
Birmingham based Nurton Developments has been one of the few to
benefit from Public Sector cuts, having recently completed one of
the largest deals this year in Derby city centre to the NHS,
totalling 25,250 sq ft.
The letting is the second part of a landmark deal struck in 2010
with Derby's Primary Care Trust which took 31,834 sq ft of space at
its Cardinal Square building, in Nottingham Road, consolidating a
number of locations into one site as part of the PCT's non clinical
estates rationalisation programme.
The Trust originally signed a seven year lease on five floors
with the option to raise its occupancy to a little over 50,000 sq
ft, which it has now completed.
The letting now means Cardinal Square, which has undergone a
phased refurbishment, is 100 per cent occupied, with the NHS's
lease not expiring until 2017. Other current occupiers
include Derbyshire Constabulary, Derby Homes, Freeth Cartwright and
Jacobs Engineering.
"This is a very significant letting for the Derby office market
so early in 2011, but also an important deal for our portfolio,
helping to strengthen our resolve in tough economic times. It
demonstrates that we have got the formulae right for selecting
under-managed and under-developed properties which need investment
and bringing back to life.
"It also highlights that opportunities exist in all markets and
are there to be seized. Asset management is going to be king for
any property company this year as income returns rather capital
appreciation look to be the main areas for growth in the office
market, unless of course you are in prime central London."
Nurton Developments continued investment during challenging
times in the commercial property market and is backed by a
£150 million joint venture with the a Private Equity house to
focus on opportunities in the wider Midlands.
Nurton's current portfolio includes assets in central
Birmingham, Solihull, Edgbaston, Derby, Burton, Ashby de la Zouch,
Cannock, Smethwick and Telford, but it is looking at projects
nationwide.
Its scheme in Birmingham City Centre, Two Colmore Row &
Cannon House, achieved one of the largest lettings towards the end
of last year to BPP Training, who took a 15 year lease on 13,550 sq
ft over two floors, with a ground floor presence, breathing further
life into scheme in the heart of the business district.