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.