In the early 2000s, Old Square was significantly redeveloped, to raise pedestrian routes through the square to the surface. As part of the development, the Priory Queensway was reconstructed as a sloping road following the gradient of the Birmingham city ridge as a result of the demolition of Masshouse Circus. In 2006, refurbishment work on Cannon House to the northeast of the square commenced to convert it into Grade A office space. The development by Nurton Developments, who acquired the building in June 2004, also transformed the exterior.