A Birmingham office block has been sold for £5 million and will now undergo a major overhaul under its new owners.
Newater House, in Newhall Street, has been acquired from Newater Investments by Birmingham-based Nurton Developments in a joint venture with Hortus Investments.
The 36,000 sq ft, eight-storey office building is in the heart of Birmingham’s Colmore Business District and home to Ginger’s Bar & Bistro which is owned by Michelin-starred chef Glynn Purnell.
It is currently three quarters occupied and the new owners are now planning to carry out a £3 million rolling programme of internal refurbishment including lobby areas and the reception.
There are also plans to create a new floor to replace an underutilised former caretaker’s flat.
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Nurton Developments has previously managed and sold Two Colmore Square, for £95 million in 2018, while its current portfolio includes city centre sites 4 Temple Row and 11 Waterloo Street and Trigate in Edgbaston.
Nurton’s development director Rupert Young said: “We have been working on this deal for over 12 months.
“Newater enjoys a prime location, with excellent connectivity and a good range of amenities on its doorstep.
“The completion of construction of 103 Colmore Row opposite will only add to this location.
“Looking to the future, when the city rebounds and finds its feet again, we believe Birmingham is well positioned and strong enough as a business community to continue on an upward trend and offer good value for investors.”
Hortus Investments’ head Henry Horton added: “We are delighted to have teamed up with Nurton on this exciting project.
“We share their confidence in Birmingham’s long-term future and in the prospects of a refurbished and enhanced Newater House”