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| 14/02/2008 SECOND BIG OFFICE DEAL FOR CANNON HOUSE |
| A second, major, occupier has completed
a deal to take space at Nurton Developments' Cannon House, Birmingham, just
weeks after the announcement that a government agency will be basing its
headquarters there.
National rail operator, CrossCountry is leasing 21,000 sq ft on Level 5 of the building, from where it will run its prestigious rail franchise. George Jennings of GVA Grimley says: "Their staff will be moving from premises in nearby Smallbrook Queensway by early summer this year. This is a very big move for CrossCountry, as they wanted a high-quality headquarters from which to run the new franchise, and also to retain staff, by operating from a much better working environment." |
 David Bradshaw (Nurton Developments), John Ottewell (CBRE), George Jennings (GVA Grimley) |
| Nurton will fit out the open-plan space
with a Grade A specification to include new air conditioning, raised floors
and full-height glazing. The company's existing premises are on a number
of floors in Smallbrook Queensway, but the new accommodation will be all
on one level.
The deal is a second deal major coup for Nurton, following the news last month that the Insolvency Service had taken 42,000 sq ft of Grade A accommodation at the refurbished building, in Colmore Circus, Queensway - the biggest office deal in central Birmingham last year. The Insolvency Service, part of the Department for Business Enterprise and Regulatory Reform (BERR), is leasing Levels 3 and 4, and will utilise the new premises as its flagship Midlands headquarters, when it relocates from nearby Ladywood House, in Stephenson Street next Spring. George Jennings said, the two deals sent out a clear message to the office market: "A double letting, of 21,000 sq ft and 42,000 sq ft, in the same building is fantastic, and proves that Nurton is pitching at the right price for Grade A space. Just under 140,000 sq ft completed on five prime deals in the city centre, including 23,000 sq ft at a headline rent of £32.50 psf, which is the highest rent achieved last year. It is great news for Birmingham." Cannon House was relaunched to the office market at the beginning of 2007, after a multi-million pound makeover and comprehensive refurbishment. The remaining availability includes 8,934 sq ft on Level 1, 10,226 sq ft on Level 2, and 21,000 sqft on level 6. Meanwhile, Nurton has been given the go-ahead for the second, and final, phase of the £25m redevelopment of Cannon & Priory, with futuristic plans earmarked for Priory House. Work begins this month and will be completed before Christmas 2008, with the first space available by January 2009. The design includes 40,000 sq ft of penthouse office suites on a new Level 7 floor, which will run across the top of both the Cannon and Priory properties. Cannon & Priory have a combined floorplate of around 45,000 sq ft - the largest commercial footprints in Birmingham City Centre. Up to 40,000 sq ft remains available, 20,000 for immediately occupation, at Cannon House through letting agents are CB Richard Ellis and GVA Grimley |
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