Birmingham-based Nurton Developments has disposed of its freehold interest in a city centre office complex.
Real estate investment company Aprirose has acquired the freehold of Cornerblock, in Cornwall Street, for £5.58 million.
The building, at the corner with Livery Street, is 95 per cent let following a £14 million refurbishment in 2017 and its leasehold is retained by Cornerblock’s landlord and operator Bruntwood.
Nurton purchased the freehold for £3.5 million when it fell vacant and said it felt now was the right time to sell as it was nearly fully let.
Developer director Rupert Young said: “The Cornerblock freehold has been a good performer for us without having to outlay significant capital too early.
“Clearly, the interest HS2 is creating in Birmingham, as well as the revival of Colmore Row and the central business district as a new destination, has made the freehold sale a good proposition.
“We felt now was the time to extract our value from the building to put towards future planned projects in the region and across the UK.
“We have a large interest in strategic land at present and plan to continue to invest where the market dictates.”
Aprirose’s chief executive Manish Gudka added: “There has been an increase of inward investment into Birmingham along with the regeneration of the city centre, underpinned by the prospect of HS2 boosting Birmingham’s status as England’s second city.
