Vax Secures New Head Office
Property developer Nurton has cleaned up, fighting off tough competition from rival schemes to secure Vax as a new tenant for its office space at Two Colmore Square in Birmingham City Centre.
Set to become the cleaning giants new head office, the move signals one of the largest property deals to be completed within the city during 2011. The take-up of office space by Vax will reportedly see them occupy nearly 21,000 sq. ft. at the development on an initial lease of 10 years.
According to a report in the Birmingham Post it took just three weeks between the initial enquiry and heads of terms to be agreed ΓÇô a turnaround which seems more suited to the sales cycle of serviced office space compared to the often protracted negotiations often associated with long-term conventional leases.
ΓÇ£No letting is easy in the current conditions.ΓÇ¥ explained Rupert Young, Development Director at Nurton, stating that ΓÇ£Even though we hoped we were top of their shortlist, we didnΓÇÿt take anything for granted.ΓÇ¥
ΓÇ£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,ΓÇ£ continued Mr Young.
ΓÇ¥However, we are seeing a change ΓÇô which the Vax deal reflects ΓÇô as people who want Grade A space in prominent locations.ΓÇ¥
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