Kier Group plc is known for being a leading name in the property, residential, construction and services industry. The group looks to invest in, build and maintain a wide range of buildings that are used for a variety for different purposes such as residential, commercial, industrial and leisure. The property division of Kier Group plc has announced that they have purchased 19 Cornwall Street, a building in Birmingham. Kier Property has made the purchase for somewhere in the region of £35 million and is a turn for the company as it begins to look at potential projects in the West Midlands.
Kier Property purchased the site from Standard Life Assurance Limited and it will be the first commercial purchase in the West Midlands. The building also breaks another record as it currently holds the title of single biggest purchase for the company in 2017. The purchase of 19 Cornwall Street reflects Kier’s focus on the commercial office market as well as their commitment to the West Midlands region.
The acquisition of this West Midlands office building is the 28th office project for Kier Property. At the moment there are a number of existing tenants in the building. These tenants are Price Waterhouse Coopers and Pinsent Masons, who combined occupy 84,000 sq ft of the 133,000 sq ft floor space. Kier Property plan to let out the remaining office space and incorporate the Cornwall Street building into their commercial development property portfolio. It is thought that the acquisition of the Birmingham building will significantly improve Keir’s portfolio and will also allow them to further expand their activities in the West Midlands area. This has been a great opportunity for the division of the Kier Group plc and has the potential to lead to a number of other investments, and joint venture possibilities going forward
