KWB Investment proves there's life in the market despite credit fears

Despite so-called economic worries, one of Birmingham city centre’s prominent office buildings was successfully sold by KWB Investment in a multi-million pound deal secured on behalf of Solihull developer Earlplace.

The sale of 8-10 Bennetts Hill/11-12 Waterloo Street to Nurton Developments - one of Wolverhampton’s leading developers of industrial, commercial office and mixed-use retail/leisure space - enables the company to relocate to the heart of the city and oversee the letting of the remaining space.

Originally built in the early 1830’s as the regional head office for the National and Provincial Bank – at the time a landmark development for it signaled the bank’s first regional office outside London - the distinguished corner-building was sold for £4.76 million.

Glenn Salter, head of KWB Investment, said: “There is an awful amount of scepticism surrounding the financial markets, and quite rightly so. However, we have worked tirelessly to bring this sale to a conclusion. It is a great investment opportunity.”

Tim Malby, Managing Director of Earlplace, commented: “Given the sharp deterioration in marketing conditions at the end of last year and which are continuing into 2008, we were pleased to make this disposal in the build up to Christmas. The quality of the building, combined with the extensive refurbishment programme we carried out, no doubt aided its swift sale to Nurton.”

David Bradshaw, Managing Director for Nurton Developments, added: “In keeping with our rapidly-expanding business, it was vitally important we establish our main base in Birmingham’s central business area. This purchase allows us to not only acquire a wonderful investment but to also establish our headquarters in the city centre."