Flint Bishop

Vax takes a shine to Two Colmore Square

Pictured: (l-r) David Bradshaw and Rupert Young at Two Colmore Square 

Nurton Developments' Two Colmore Square has beaten off tough competition from other city centre schemes to land the head office of one of Britain's best-known companies.

Floor cleaner giant Vax has taken the fifth floor of the landmark location, representing just shy of 21,000 sq ft, on a 10-year lease.

Nurton's development director, Rupert Young, was understandably delighted to have concluded the deal, especially given the lack of activity in the city centre market.

"No letting is easy in the current conditions. Even though we hoped we were top of their short-list, we didn't take anything for granted," he said.

"However, we knew Vax required all its space on a single floor-plate, and that they wanted a building which reflected the quality of their brand, so we were always confident."

It took just three weeks from the first inquiry by Harris Lamb until heads of terms were agreed, which Rupert admits was 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," he said.

"However, we are seeing a change - which the Vax deal reflects - as people who want Grade A space in prominent locations, especially with a BREEAM 'Excellent' rating, realise there isn't that much Grade A space available anymore, so they don't want to delay.  I expect that trend to continue.

"It seems unusual for a manufacturing business to come into the city centre, but I think it underlines Vax's commitment to provide a high quality work-space for its staff, and the need for even the biggest brands in a sector to raise their profile."

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.

 

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Article published by Midlands Business News on 28 October, 2011

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Articles submitted by Nurton Developments:



  • Off-piste strategy scores again for the Nurton team as Balancing act pays off - click to read
  • Vax takes a shine to Two Colmore Square - click to read
  • Nurton spreads its success to the regions - click to read
  • Nurton notch up major letting - click to read
  • NHS acquires prime space in Cardinal Square, Derby - click to read
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